Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May June July August $55,000 64,000 46,000 61,000 72,000 76,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 5 percent are uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Credit sales In month of sale One month after sale Two months after sale Total cash receipts January February $ Simpson Glove Company Cash Receipts Schedule April March 0 $ 0 S May 0 $ June 0 $ July 0$ August

Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May June July August $55,000 64,000 46,000 61,000 72,000 76,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 5 percent are uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Credit sales In month of sale One month after sale Two months after sale Total cash receipts January February $ Simpson Glove Company Cash Receipts Schedule April March 0 $ 0 S May 0 $ June 0 $ July 0$ August

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 24E: Del Spencer is the owner and founder of Del Spencers Mens Clothing Store. Del Spencers has its own...

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