2. Ann Marie Roopchand Company has forecast its sales as follows: $180,000 (actual) August September $280,000 (actual) October $360,000 November $400,000 December $450,000 The company has experienced collections of 40% during the month of sale, 50% the month after the sale, and 10% the second month after the sale. Required; a. Prepare a schedule of cash receipts for the 3 month period October - December. b. What will the Accounts Receivable balance be on December 31?

2. Ann Marie Roopchand Company has forecast its sales as follows: $180,000 (actual) August September $280,000 (actual) October $360,000 November $400,000 December $450,000 The company has experienced collections of 40% during the month of sale, 50% the month after the sale, and 10% the second month after the sale. Required; a. Prepare a schedule of cash receipts for the 3 month period October - December. b. What will the Accounts Receivable balance be on December 31?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9EA: Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale,...

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