Home Company will open a new store on January 1. Based on experience from its other retail outlets, Home Company is making the following sales projections:Cash SalesCredit SalesJanuary ...................$70,000$50,000February .................$40,000$60,000March .....................$50,000$70,000April .......................$50,000$90,000Home Company estimates that 80% of the credit sales will be collected in the month following the month of sale, with the balance collected in the second month following the month of sale. IV. Based on these data, the balance in accounts receivable on January 31 will be:V. The March 31 balance in accounts receivable will be: VI. In a cash budget for the month of April, the total cash receipts will be:
Home Company will open a new store on January 1. Based on experience from its other retail outlets, Home Company is making the following sales projections:Cash SalesCredit SalesJanuary ...................$70,000$50,000February .................$40,000$60,000March .....................$50,000$70,000April .......................$50,000$90,000Home Company estimates that 80% of the credit sales will be collected in the month following the month of sale, with the balance collected in the second month following the month of sale. IV. Based on these data, the balance in
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