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Prepare schedule of Milton Hotel projected cash receipts

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Question - The general manager of Milton Hotel asked you to prepare the projected cash receipts for November and December 2020. He provided you with the following information regarding room sales and restaurant & bar sales as follows:

Actual sales Projected sales

September October November December

Rooms $423,000 $385,000 $420,000 $450,000

Restaurant & Bar $85,000 $70,000 $82,000 $114,000

From past experience, room sales are collected: 20% cash, 40% in the month following the sale, and 40% in the second month following the sale. Restaurant & Bar sales are collected: 60% cash and 20% in the month following the sale and 20% in the second month following the sale.

Required -

a. Prepare schedule of Milton Hotel's projected cash receipts (including the total cash collected) in November and December 2020.

b. From the sales from September to December 2020, how much has not been collected yet on 31 December 2020?

Reference no: EM132795957

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