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Prepare a monthly schedule of cash receipts for April-June

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Reference no: EM132849837

Problem - Ellis Sport Shop projects the following sales:

April

May

June

$75,000

95,5000

$110,000

Ninety percent of Ellis' sales are on credit with 60 percent of receivables collected in the month after the sale and the 26:57 rest of receivables collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. In the past Ellis' bad debt percentage has been 0 and this rate is expected to continue.

Required -

A) Prepare a monthly schedule of cash receipts for April-June.

B) What is the balance of Receivables at the end of June?

Reference no: EM132849837

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