Solution-Calculate the total expected collections from

Calculate the total expected collections from customers

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Reference no: EM133005429

Problem - The following data has been provided for Mrs Penny Pie Company:

	April	May	June	July
Credit Sales	$98,000	$105,000	$102,000	$106,000

Credit sales are normally settled:

50% in the month of the sale,

30% in the month after the sale, and

20% in the 2^nd (second) month after the sale

Required -

1. Calculate the total expected collections from customers for the month of June.

2. Calculate the total expected collections from customers for the month of July.

3. What is the purpose of preparing the above schedule of receipts from accounts receivable?

Reference no: EM133005429

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Calculate the total expected collections from customers

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Reference no: EM133005429

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