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create a Schedule of Cash Receipts (cash collections) with the following information: ...

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Accounting

create a Schedule of Cash Receipts (cash collections) with the following information:
- A listing of the estimated balances in the companys ledger accounts as of December 31,2022 is given below:
Assets
Cash $ 83,214
Accounts receivable 347,938
Inventory-raw materials (Notsoi)15,750
Inventory-finished goods 22,365
Prepaid Insurance 46,000
Capital assets (net)724,000
Goodwill 1000
Total assets $1,240,267
- Sales are on a cash and credit basis, with 70% collected during the month of the sale, 20% the following month, and 9.5% the month thereafter. (1)/(2) of 1% of sales are considered uncollectible (bad debt expense).
Sales in November and December 2022 are expected to be $712,500 and $950,000 respectively. Based on the above collection pattern this will result in Accounts Receivable of $347,938 at December 31,2022 which will be collected in January and February, 2023.
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