Rockers expects total sales of $700,000 for January and $351,000 for February. November sales totaled $392,000 and December sales were $425,000. Now assume that Rockers's sales are collected as follows: 60% in the month of the sale The following schedule of cash receipts for January and February was prepared based upon the collection history given: (Click the icon to view the collection history.) 30% in the month after the sale 5% two months after the sale 5% never collected (Click the icon to view the schedule of cash receipts.) Prepare a revised schedule of cash receipts for January and February. (If an input field is not used in the table leave the input field empty: do not enter a zero.) More Info Cash Receipts from Customers January February Total sales 700,000 351,000 50% in the month of the sale January February 40% in the month after the sale Cash Receipts from Customers: 6% two months after the sale Nov.-Credit sales, collection of Nov. sales in Jan. 19600 4% never collected Dec.-Credit sales, collection of Dec. sales in Jan. 127500 Dec.-Credit sales, collection of Dec. sales in Feb. 21250 Print Done lan 420000 Credit sales colloction
Rockers expects total sales of $700,000 for January and $351,000 for February. November sales totaled $392,000 and December sales were $425,000. Now assume that Rockers's sales are collected as follows: 60% in the month of the sale The following schedule of cash receipts for January and February was prepared based upon the collection history given: (Click the icon to view the collection history.) 30% in the month after the sale 5% two months after the sale 5% never collected (Click the icon to view the schedule of cash receipts.) Prepare a revised schedule of cash receipts for January and February. (If an input field is not used in the table leave the input field empty: do not enter a zero.) More Info Cash Receipts from Customers January February Total sales 700,000 351,000 50% in the month of the sale January February 40% in the month after the sale Cash Receipts from Customers: 6% two months after the sale Nov.-Credit sales, collection of Nov. sales in Jan. 19600 4% never collected Dec.-Credit sales, collection of Dec. sales in Jan. 127500 Dec.-Credit sales, collection of Dec. sales in Feb. 21250 Print Done lan 420000 Credit sales colloction
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter22: Master Budget (master)
Section: Chapter Questions
Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...
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![Rockers expects total sales of $700,000 for January and $351,000 for
February. November sales totaled $392,000 and December sales were
$425,000.
Now assume that Rockers's sales are collected as follows:
60% in the month of the sale
The following schedule of cash receipts for January and February was
prepared based upon the collection history given:
(Click the icon to view the collection history.)
30% in the month after the sale
5% two months after the sale
5% never collected
(Click the icon to view the schedule of cash receipts.)
Prepare a revised schedule of cash receipts for January and February.
(If an input field is not used in the table leave the input field empty; do not enter a zero.)
More Info
Cash Receipts from Customers
January
February
Total sales
700,000
351,000
50% in the month of the sale
January
February
40% in the month after the sale
Cash Receipts from Customers:
6% two months after the sale
Nov.-Credit sales, collection of Nov. sales in Jan.
19600|
4% never collected
Dec.-Credit sales, collection of Dec. sales in Jan.
127500
Dec.-Credit sales, collection of Dec. sales in Feb.
21250
Print
Done
Jan
Credit sales, collection of Jan. sales in Jan.
420000
Jan.-Credit sales, collection of Jan. sales in Feb.
210000
Feb.-Credit sales, collection of Feb. sales in Feb.
210600
567100
441850
Total cash receipts from customers](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F560e0a1a-05b0-4147-b2d2-445e55f36447%2F4bf601a1-63ff-4f7c-aa8b-b33d329e9bd5%2Fttzddlf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Rockers expects total sales of $700,000 for January and $351,000 for
February. November sales totaled $392,000 and December sales were
$425,000.
Now assume that Rockers's sales are collected as follows:
60% in the month of the sale
The following schedule of cash receipts for January and February was
prepared based upon the collection history given:
(Click the icon to view the collection history.)
30% in the month after the sale
5% two months after the sale
5% never collected
(Click the icon to view the schedule of cash receipts.)
Prepare a revised schedule of cash receipts for January and February.
(If an input field is not used in the table leave the input field empty; do not enter a zero.)
More Info
Cash Receipts from Customers
January
February
Total sales
700,000
351,000
50% in the month of the sale
January
February
40% in the month after the sale
Cash Receipts from Customers:
6% two months after the sale
Nov.-Credit sales, collection of Nov. sales in Jan.
19600|
4% never collected
Dec.-Credit sales, collection of Dec. sales in Jan.
127500
Dec.-Credit sales, collection of Dec. sales in Feb.
21250
Print
Done
Jan
Credit sales, collection of Jan. sales in Jan.
420000
Jan.-Credit sales, collection of Jan. sales in Feb.
210000
Feb.-Credit sales, collection of Feb. sales in Feb.
210600
567100
441850
Total cash receipts from customers
![Cash Receipts from Customers
January
February
Total sales
$ 700,000 $
351,000
January
February
Cash Receipts from Customers:
Nov.-Credit sales, collection of Nov. sales in Jan.
$.
23,520
Dec.-Credit sales, collection of Dec. sales in Jan.
170,000
Dec.-Credit sales, collection of Dec. sales in Feb.
$4
25,500
Jan.-Credit sales, collection of Jan. sales in Jan.
350,000
Jan.-Credit sales, collection of Jan. sales in Feb.
280,000
Feb.-Credit sales, collection of Feb. sales in Feb.
175,500
543,520 $
481,000
Total cash receipts from customers](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F560e0a1a-05b0-4147-b2d2-445e55f36447%2F4bf601a1-63ff-4f7c-aa8b-b33d329e9bd5%2Fbc6y9de_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Cash Receipts from Customers
January
February
Total sales
$ 700,000 $
351,000
January
February
Cash Receipts from Customers:
Nov.-Credit sales, collection of Nov. sales in Jan.
$.
23,520
Dec.-Credit sales, collection of Dec. sales in Jan.
170,000
Dec.-Credit sales, collection of Dec. sales in Feb.
$4
25,500
Jan.-Credit sales, collection of Jan. sales in Jan.
350,000
Jan.-Credit sales, collection of Jan. sales in Feb.
280,000
Feb.-Credit sales, collection of Feb. sales in Feb.
175,500
543,520 $
481,000
Total cash receipts from customers
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