Watts Lighting Stores made the following sales projection for the next six months. All sales...
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Accounting
Watts Lighting Stores made the following sales projection for the next six months. All sales are credit sales.
| March | $40,000 | |||
| April | 46,000 | |||
| May | 35,000 | |||
| June | 44,000 | |||
| July | 52,000 | |||
| August | 54,000 | |||
Sales in January and February were $43,000 and $42,000, respectively.
Experience has shown that of total sales, 10 percent are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale.
a. Prepare a monthly cash receipts schedule for the firm for March through August. (for each month)
January February March April May June July August
Credit Sales = ___
In month of sale = ___
1 Month After sale = ___
Two months after sale = ___
Total cash receipts = ____
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