Simmons brick company has gross sales for the year of, Ask an Expert

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Simmons Brick Company has gross sales for the year of $1,216,668 and the sales are distributed evenly across the twelve months. The collections department estimates that 50 percent of the customers pay in the month of sale; 35 percent pay the next month; and the remaining 15 percent pay two months after purchase.

1. Calculate the days sales outstanding for the fourth quarter (October-December, assuming 30 days in each month).

2. Complete an aging schedule for the fourth quarter.

3. Complete an uncollected balances (payments pattern) schedule for the fourth quarter.

Please include explanation with answers.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92323594

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