Solution-Prepare schedule of cash collections on accounts

Prepare schedule of cash collections on accounts receivable

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Reference no: EM132524120

Question 1: Preparing a Schedule of Cash Collections on Accounts Receivable

Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing.

For the next 5 months, the following sales billings are expected:

May$84,000

June 100,800

July 77,000

August 86,000

September 89,000

Question 2: Schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers.

Reference no: EM132524120

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Prepare schedule of cash collections on accounts receivable

Reference no: EM132524120

Reference no: EM132524120

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