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Cash Receipt Schedule

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J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year as:

September (actual) . . . . . . . . . . . . . $70,000
Fourth Quarter
October . . . . . . . . . . . . . . . . . . . . . . $60,000
November . . . . . . . . . . . . . . . . . . . . 55,000
December . . . . . . . . . . . . . . . . . . . . 80,000

Experience has shown that 30 percent of sales are collected in the month of sale,
60 percent in the following month, and 10 percent are never collected.
Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth
quarter (October through December).

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Solution Summary

The solution prepares the Cash Receipt Schedule for J. Lo Clothiers.

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