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Prepare a schedule showing sales and cash collections

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Reference no: EM131168464

Wahoo was preparing a sales budget for the first quarter of 2016.

Forecast sales are as follows.

January: $203,000,

February: $227,000,

March: $248,000.

Sales are 40% cash and 60% on credit. 55% of the credit accounts are collected in the month of sale, 35% in the month following the sale, and 10% in the following month.

No uncollectible accounts are anticipated.

Accounts receivable at the beginning of 2016 are $82,950 (10% of November credit sales of $150,000 and 35% of December credit sales of $151,000).

Prepare a schedule showing sales and cash collections for January, February, and March, 2016.

Reference no: EM131168464

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