Eastern Auto Parts Inc. has 15 percent of its sales paid for in cash and 85 percent on credit. All credit accounts are collected in the following month. Assume the following sales: January $ 85,000 February 75,000 March 120,000 April 65,000 Sales in December of the prior year were $95,000. Prepare a cash receipts schedule for January through April. Eastern Auto Parts Inc. January February March April Sales Cash receipts: Cash sales Prior month's credit sales Total cash receipts $0 $83,500 $81,750 $111,750
Eastern Auto Parts Inc. has 15 percent of its sales paid for in cash and 85 percent on credit. All credit accounts are collected in the following month. Assume the following sales: January $ 85,000 February 75,000 March 120,000 April 65,000 Sales in December of the prior year were $95,000. Prepare a cash receipts schedule for January through April. Eastern Auto Parts Inc. January February March April Sales Cash receipts: Cash sales Prior month's credit sales Total cash receipts $0 $83,500 $81,750 $111,750
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Eastern Auto Parts Inc. has 15 percent of its sales paid for in cash and 85 percent on credit. All credit accounts are collected in the following month.
Assume the following sales:
| January | $ | 85,000 |
| February | 75,000 | |
| March | 120,000 | |
| April | 65,000 | |
Sales in December of the prior year were $95,000.
Prepare a cash receipts schedule for January through April.
Eastern Auto Parts Inc. has 15 percent of its sales paid for in cash and 85 percent on credit. All credit accounts are collected in the following month.
Assume the following sales:
| January | $ | 85,000 |
| February | 75,000 | |
| March | 120,000 | |
| April | 65,000 | |
Sales in December of the prior year were $95,000.
Prepare a cash receipts schedule for January through April.
|
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