Answer:
Amoun of sales Revenue for the first quarter of 2019
Jan $120,000
Feb ( 120,000*1.05) 126,000
March ( 126,000* 1.05) <u>132,300</u>
<u>378,300 </u>
<u> Cash Receipt schedule for the first quarter of 2019</u>
Jan Feb March
Jan sales $84,000 24,000 12,000
Feb sales - 88,200 25,200
March sales <u> - </u> <u> - </u> <u>92,610</u>
<u>84,000</u> <u> 112,200</u> <u>129,810</u>
<u />
<u>Amount of Account Receivable as of MArch 2019</u>
Feb sale 10%* 126,000 $12,600
March sales( 20%* 132,300) + (10%*132300) <u>39,690</u>
<u> 52,210</u>
Explanation:
cash receipt
Jan Sales : Jan 70% * 120,000 = 84,000
feb 20%* 120,000 = 24,000
March 10% * 120,000 = 12,000
Feb sales : Feb 70%*126,000 = 88,200
March 20% * 126,000 = 25,200
April 10%* 126,000 = 12,600
March sales : March 70%* 132300 = 92,610
April 20%*132300 = 26,460
May 10%*132300 = 13,230
