Question - Xenos Company has the following sales projections for the coming months:
|
Month
|
Sales
|
|
January
|
$60,000
|
|
February
|
68,000
|
|
March
|
75,000
|
|
April
|
80,000
|
|
May
|
95,000
|
|
June
|
90,000
|
Xenos collects 20% of its sales in the month of sale, 45% in the month following the sale, and 35% in ther second month following the sale.
Required -
a. Prepare a schedule of cash receipts for the three months April through June.
b. What amount be the accounts receivable balance on June 30?