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Rich Company's experience shows that 20% of its sales are for cash and 80% are on credit. An analysis of credit sales shows that 50% are collected in the month following the sale, 45% are collected in the second month, and 5% prove to be uncollected. Calculate items (1) through (10) Sales August - $500,000, September - $525,000, October $535,00 & November - $560,00 October November Receipts from cash sales (1) $ (6) Collections from August credit sales (2) $ (7) $ Collections from September credit Sales (3) $ (8)$ Collections from October credit sales (4)$ (9) $ Total cash collections during the month (5) $ (10) $

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9988399

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