Victoria's Apparel has forecast credit sales for the fourth quarter of the year as:

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Victoria's Apparel has forecast credit sales for the fourth quarter of the year as:

 

September (actual) . . . . . . . $50,000

 

Fourth Quarter

October . . . . . . . . . . . . . . . $40,000

November . .. . . . . . . . . . . . . 35,000

December . . . . . . . . . . . . . . 60,000

 

Experience has shown that 20 percent of sales are collected in the month of sale, 70 percent in the following month, and 10 percent are never collected.

 

 

Required:

 

Prepare a schedule of cash receipts for Victoria's Apparel covering the fourth quarter (October through December).

    • 8 years ago
    Victoria's Apparel _correct w/ Solutions ! Use it as a GUIDE!
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      victorias_apparel_--_schedule_cash_receipts.xlsx