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PLEASE SHOW ALL RELEVANT CALCULATIONS Question 3 Do-Re-Mi Ltd is a retailer of...

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Accounting

PLEASE SHOW ALL RELEVANT CALCULATIONS

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Question 3 Do-Re-Mi Ltd is a retailer of musical instruments and has the following historical collection pattern for its credit sales: 70 per cent collected in the month of sale. 15 per cent collected in the first month after sale. 10 per cent collected in the second month after sale. 4 per cent collected in the third month after sale. 1 per cent uncollectable. The credit sales have been budgeted for the last seven months of the year, as shown below: June $55 000 July 60 000 August 70 000 September 80 000 October 90 000 November 100 000 December 85 000 Required 1. Calculate the estimated total cash receipts during October from credit sales 2. Calculate the estimated total cash receipts during the December quarter from credit sales during the quarter

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