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Prepare schedule of expected cash collections from sales

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Peak sales for Northern Tools Ltd., a wholesale distributor of snow shovels, occur in November. The company's sales budget for the fourth quarter is given below:

                                                          Oct.                             Nov.                                    Dec.                        Total

Budgeted Sales (all on credit)    $400,000                   $800,000                    $700,000                     $1,900,000

  • From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. August sales totalled $70,000, and September sales totalled $180,000.

Required:

Question 1: Prepare schedule of expected cash collections from sales, by month and in total for the fourth quarter.

Reference no: EM132514872

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