Prepare schedule of cash receipts

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Reference no: EM131991815

J. Lo’s Clothiers has forecast credit sales for the fourth quarter of the year as:

September (actual) $ 74,000 Fourth Quarter

October $ 64,000

November 59,000

December 84,000

Experience has shown that 40 percent of sales are collected in the month of sale, 50 percent in the following month, and 10 percent are never collected. Prepare a schedule of cash receipts for J. Lo’s Clothiers covering the fourth quarter (October through December).

Reference no: EM131991815

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