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Show estimated collections for second month after sales

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Reference no: EM132717963

Complete the two following tables for Mountain Food Ltd to show estimated cash collections from debtors (accounts receivable) on the following assumptions:

i. 60 per cent is collected in the month of the sale.
ii. 25 percent is collected in the month following the sale.
iii. 12 per cent is collected in the second month following the sale
iv. 3 per cent is never collected

Month         Estimated Sales
January       80,000
February       85,000
March            87,000
April                95,000
May            101,000

Problem 1: Show:

  1. Estimated collections (month of sales) $
  2. Estimated collections (first month after sales)$
  3. Estimated collections (second month after sales)$

Reference no: EM132717963

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