Graham Potato Company has projected sales of $10,200 in September, $13,500 in October, $20.200 in November $16.200 in December of the company's sales, 30 percent are paid for by cash and 70 percent are sold on credit Experience shows that 40 percent of accounts receivable are paid in the month after the sale, while the remaining d percent are paid two months after. Determine collections for November and December Also assume Graham's cash payments for November and December are $17000 and $9,500, respectively. The begi cash balance in November is $5,000, which is the desired minimum balance. a. Prepare a cash receipts schedule for November and December Sales Credt sales Cash sales One month after sale Total cash receipts Graham Potato Company Cash Receipts Schedule October November December

Graham Potato Company has projected sales of $10,200 in September, $13,500 in October, $20.200 in November $16.200 in December of the company's sales, 30 percent are paid for by cash and 70 percent are sold on credit Experience shows that 40 percent of accounts receivable are paid in the month after the sale, while the remaining d percent are paid two months after. Determine collections for November and December Also assume Graham's cash payments for November and December are $17000 and $9,500, respectively. The begi cash balance in November is $5,000, which is the desired minimum balance. a. Prepare a cash receipts schedule for November and December Sales Credt sales Cash sales One month after sale Total cash receipts Graham Potato Company Cash Receipts Schedule October November December

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 18E

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