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Posted by: johnsonj
Price Quoted by Student: $4
Posted On: 2012-07-24 09:09:01
 
Question

Frank s sporting goods projects sales for the second quarter of 200X to be as follows: April $ 100,000 May $ 120,000 June $110,000 10% of Frank s sales are for cash, 70% of accounts receivable are collected on month following the sale, and the rest are collected two months following the sale. January sales were $40,000, February sales were $60,000, and March sales were $80,000.

 

a) Prepare a monthly schedule of cash receipts for the second quarter of 200X

b) What is the balance in accounts receivable at the end of June?       


Solutions
a) Prepare a monthly schedule of cash receipts for
Price $4
Attachment 1: Franks sporting.xls
Solution Posted By: Johnsonj    Posted on: 24-07-2012