Yosko expects total sales of $368,000 in January and $400,000 in February. Assume that Yosko​'s sales are collected as​ follows: 1​(Click the icon to view the​ collections.) November sales totaled...





Yosko

expects total sales of
$368,000

in
January

and
$400,000

in
February.

Assume that
Yosko​'s

sales are collected as​ follows:


1​(Click

the icon to view the​ collections.)



November

sales totaled
$330,000​,

and
December

sales were
$350,000.

Prepare a schedule of cash receipts from customers for
January

and
February​,

including the calculation for the Net Accounts Receivable balance on
February

28.

Round answers to the nearest dollar.​ (If an input field is not 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











January



February


Total sales



$368,000




$400,000








January



February



Cash Receipts from Customers:






Nov.—Credit sales, collection of Nov. sales in Jan.



$19,800







Dec.—Credit sales, collection of Dec. sales in Jan.



35,000







Dec.—Credit sales, collection of Dec. sales in Feb.







$21,000



Jan.—Credit sales, collection of Jan. sales in Jan.



294,400







Jan.—Credit sales, collection of Jan. sales in Feb.







36,800



Feb.—Credit sales, collection of Feb. sales in Feb.







320,000



Total cash receipts from customers



$349,200




$377,800





Determine the Net Accounts Receivable balance on
February

28.































Included in Accounts Receivable at February 28



(1)








(2)








(3)







Net Accounts Receivable balance on February 28










1: More Info




















80% in the month of the sale


10% in the month after the sale


6% two months after the sales


4% never collected










(1)





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.



Jan.—Credit sales, collection of Jan. sales in Mar.



Feb.—Credit sales, collection of Feb. sales in Feb.





Feb.—Credit sales, collection of Feb. sales in Mar.



Feb.—Credit sales, collection of Feb. sales in Apr.







(2)





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.



Jan.—Credit sales, collection of Jan. sales in Mar.



Feb.—Credit sales, collection of Feb. sales in Feb.





Feb.—Credit sales, collection of Feb. sales in Mar.



Feb.—Credit sales, collection of Feb. sales in Apr.







(3)





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.



Jan.—Credit sales, collection of Jan. sales in Mar.



Feb.—Credit sales, collection of Feb. sales in Feb.





Feb.—Credit sales, collection of Feb. sales in Mar.



Feb.—Credit sales, collection of Feb. sales in Apr.





Jun 09, 2022
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