This paper circulates around the core theme of 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? together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Cramer Company projects the following sales for the first three months of the
year: $12,500 in January; $13,240 in February; and $14,600 in March. The
company expects 70% of the sales to be cash and the remainder on account. Sales
on account are collected 50% in the month of the sale and 50% in the following
month. The Accounts Receivable account has a zero balance on January 1. Round
to the nearest dollar.
Requirements
1. Prepare a schedule of cash receipts for Cramer 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?
