Watts Lighting Stores made the following sales projection for the next six months. All sales...
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Watts Lighting Stores made the following sales projection for the next six months. All sales are credit sales.
March $ 35,000
April 41,000
May 30,000
June $39,000
July 47,000
August 49,000
Sales in January and February were $38,000 and $37,000, 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.
| b. | Of the sales expected to be made during the six months from March through August, how much will still be uncollected at the end of August? How much of the uncollected amount does the firm actually expect to collect? (Leave no cells blank - be certain to enter "0" wherever required.) |
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