acc for accountsguru
thoasc
hmwk_problem.docx
Rich Company's experience shows that 20% of its sales are for cash and 80% are on credit. An analysis of credit sales shows that 50% are collected in the month following the sale, 45% are collected in the second month, and 5% prove to be uncollectible. Calculate items (1) through (10) below: (if you click on the graph twice, you can type into it)
![]()
OCTOBER NOVEMBER
(1)Receipts from cash sales(1) ________(6) ________
(2)Collections from August credit sales(2) ________(7) ________
(3)Collections from September credit sales(3) ________(8) ________
(4)Collections from October credit sales(4) ________(9) ________
(5)Total cash collections during the month(5) ________(10) _______
Sheet1
| OCTOBER | NOVEMBER | ||
| (1) | Receipts from cash sales | (1) ________ | (6) ________ |
| (2) | Collections from August credit sales | (2) ________ | (7) ________ |
| (3) | Collections from September credit sales | (3) ________ | (8) ________ |
| (4) | Collections from October credit sales | (4) ________ | (9) ________ |
| (5) | Total cash collections during the month | (5) ________ | (10) _______ |
