Problem:
Eastern Auto Parts, Inc., has 20 percent of its sales paid for in cash and 80 percent on credit. All credit accounts are collected in the following month. Assume the following sales:
|
January
|
560.000
|
|
February
|
50.000
|
|
March
|
95.000
|
|
April
|
40,000
|
Sales in December of the prior year were $70,000. Prepare a cash receipts schedule for January through April.