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12 November, 16:26

The Guitar Shoppe reports the following sales forecast: August, $130,000; and September, $230,000. Total sales include 35% cash sales, 50% of credit sales collected in the month following sale, and the remaining 15% credit sales written off as uncollectible. Prepare a schedule of cash receipts for September.

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  1. 12 November, 16:52
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    Total = $145,500

    Explanation:

    Giving the following information:

    The Guitar Shoppe reports the following sales forecast: August, $130,000; and September, $230,000. Total sales include 35% cash sales, 50% of credit sales collected in the month following sale, and the remaining 15% credit sales written off as uncollectible.

    Cash collection:

    From August = (130,000*0.50) = 65,000

    September = (230,000*0.35) = 80,500

    Total = 145,500
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