Solution-Compute the accounts receivable balance

Compute the accounts receivable balance

Assignment Help Cost Accounting

Reference no: EM13513038

The following data are given for Erich From Stores:

	September	October	November	December
	Actual	Actual	Estimated	Estimated
Cash sales	$ 7,000	$ 6,000	$ 8,000	$ 6,000
Credit sales	50,000	48,000	62,000	80,000
Total sales	57,000	54,000	70,000	86,000

Past experience indicates that net collections normally occur in the following pattern:

-No collections are made in the month of sale.

-Eighty percent of the sales of any month are collected in the following month.

-Nineteen percent of sales are collected in the second following month.

-One percent of sales are uncollectible.

1. Calculate the total cash receipts for November and December.

2. Compute the accounts receivable balance at November 30 if the October 31 balance is $50,000.

Reference no: EM13513038

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Compute the accounts receivable balance

Reference no: EM13513038

Reference no: EM13513038

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