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Ace Inc shows a cash balance of $24,000 on January 1, 2008. The expected sales (in units) of its product by month for the first quarter are:

January	600,000
February	400,000
March	500,000

Sales are collected 75% in the month of sale and 25% in the month following the sale. Actual sales in units by month for the previous quarter follow:

October	550,000
November	700,000
December	800,000

Ace sells its product for $2 each

Question:

a)Determine the expected unit and dollar sales by month for the first quarter.

b) Determine the expected cash receipts by month for the first quarter.

c) Determine the anticipated accounts receivable balance by month for the first quarter

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956155

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