Solution-Prepare a schedule of expected cash collections

Prepare a schedule of expected cash collections

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Reference no: EM133205104

Experience has shown that 20% percent of Gapan Company sales are for cash. Monthly sales are budgeted as follows: P280,000 for October, P240,000 for November, and P320,000 for December. The rest are on credit with 70% of the credit sales are collected in the month of sale, 20% in the month following sale, and 5% in the second month following sale. The remainder is expected to be uncollectible.

Required:

1. Prepare a schedule of expected cash collections for the month of December.

2. Determine the balance of the accounts receivable at December 31.

Reference no: EM133205104

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Prepare a schedule of expected cash collections

Reference no: EM133205104

Reference no: EM133205104

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