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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?
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