Ellis Sport Shop projects the following sales: April $75,000 May $95,5000 June $110,000 Ninety percent of...

Ellis Sport Shop projects the following sales: April $75,000 May $95,5000 June $110,000

Ninety percent of Ellis' sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. There are no bad debts

. A) Prepare a monthly schedule of cash receipts for April-June. B) What is the balance of Receivables at the end of June?

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ekkarill92 answered 1 year ago

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