Marcel Company projects the following sales for the first three months of the year: $11,200 in January; $12,300 in February; and $11,100 in March. The company expects| collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account of the sales to be cash and the remainder on account. Sales on account are has a zero balance on 1. Round to the nearest dollar. Data table 1. Prepare a schedule of cash receipts for Marcel for January, February, and March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 31?

Marcel Company projects the following sales for the first three months of the year: $11,200 in January; $12,300 in February; and $11,100 in March. The company expects| collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account of the sales to be cash and the remainder on account. Sales on account are has a zero balance on 1. Round to the nearest dollar. Data table 1. Prepare a schedule of cash receipts for Marcel for January, February, and March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 31?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter8: Budgeting For Planning And Control

Section: Chapter Questions

Problem 34E: A companys sales for the coming months are as follows: About 20 percent of sales are cash sales, and...

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