60.1K

Verified Solution

Link Copied!

Yandell expects total sales of $$340,000$ in January and $$390,000$ in February. Assume that Yandell's sales are collected as follows:

Click the icon to view the collections.$)$

Novembersales totaled $$320,000$ and Decembersales were $$310,000$ Prepare a schedule of cash receipts from customers for Januaryand February, including the calculation for the Net Accounts Receivable balance on February$28$Round answers to the nearest dollar. $($If an input field is nof used in the table leave the input field empty; do not enter a zero.$)$

Prepare a schedule of cash receipts from customers for January and February. $($If an input field is not used in the table leave the input field empty; do not enter a zero.$)$

Cash Receipts from Customers

$\backslash$table$[[$Total sales,January,February$],[$Cash Receipts from Customers:,,$],[$Nov$.-$Credit sales, collection of Nov. sales in Jan.,,$],[$Dec$.-$Credit sales, collection of Dec. sales in Jan.,,$],[$Dec$.-$Credit sales, collection of Dec. sales in Feb.,,$],[$Jan$.-$Credit sales, collection of Jan. sales in Jan.,,$],[$Jan$.-$Credit sales, collection of Jan. sales in Feb.,,$],[$Feb$.-$Credit sales, collection of Feb. sales in Feb.,,$],[$Total cash receipts from customers,,$]]$

More info

$50\%$ in the month of the sale

$40\%$ in the month after the sale

$8\%$ two months after the sales

$2\%$ never collected

Answer & Explanation Solved by verified expert

See Answer