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Simpson Glove Company Cash Receipts Schedule January February March April May June July August Credit sales In month of sale One month after sale*
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales.
March$51,000 June$57,000April60,000 July68,000May42,000 August72,000
Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 40 percent are collected in the month of sale, 30 percent are collected in the following month, and 20 percent are collected two months after sale.
Explain how to find monthly the cash receipts schedule for the firm for March through August.
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales.
March$51,000 June$57,000April60,000 July68,000May42,000 August72,000
Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 40 percent are collected in the month of sale, 30 percent are collected in the following month, and 20 percent are collected two months after sale.
Explain how to find the monthly cash receipts schedule for the firm for March through August.
Simpson Glove CompanyCash Receipts ScheduleJanuaryFebruaryMarchAprilMayJuneJulyAugustCredit salesIn month of saleOne month after sale*Two months after saleTotal cash receipts