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

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter6: Statement Of Cash Flows

Section: Chapter Questions

Problem 14E

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Question

Yosko

expects total sales of

$368,000

January

and

$400,000

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.

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