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Calculate the total expected collections from customers

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Reference no: EM133106795

Question - The following data has been provided for Percy Pie Company:

 

June

July

August

September

Credit Sales

$98,000

$105,000

$102,000

$110,000

Credit sales are normally settled: 50% in the month of the sale, 40% in the month after the sale, and 10% in the 2nd (second) month after the sale.

Required - For each question below use the above information

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

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

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

Reference no: EM133106795

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