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jarptica [38.1K]
3 years ago
5

PA9.

Business
1 answer:
meriva3 years ago
3 0

Complete Question:

PA9.

LO 7.3 Fit band's estimated sales are:

                                                                    $

OCTOBER                                         131,982

NOVEMBER                                         195,723

DECEMBER                                         249,283

JANUARY                                         124,298

FEBRUARY                                         124,284

MARCH                                                  124,373

What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?

Answer:

                                                           JANUARY   FEBRUARY   MARCH

Amount received from November sales    19,572

Amount received from December sales    62,321        24,928  

Amount received from January sales        80,794        31,075       12,430

Amount received from November sales  <u>               </u>     <u>              </u>      <u> 31,071 </u>

TOTAL                                                     <u>$162,687 </u>    <u>$56,003</u>     <u>$43,501 </u>

<u />

Explanation:

The balances calculated are based on the following formula:

Amount received = Sales Figure of that month * Percentage

65% in the month of sale is received, 25% in the next month and the residual is received in the second month after sales

For the month of November:

65% of its total sales will be received in november, 25% in the next month(December) and the residual 10% in the second month after sale(January). Likewise for the month of January, we see in the computation that 65% of sales was received in the same month, 25% in the next month February and the residual 10% in the second after sale which is in March.

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