Diamond Beauty supply Shop projects the following sales:
April - $75,000
May - $95,000
June - $100,000
Seventy percent of Diamond Beauty Supply shop 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. In the past Diamond Beauty Supply shops' bad debt percentage has been 0 and is expected to continue.
a) Prepare a monthly schedule of cash receipts for April-June.
b) What is the balance of Receivables at the end of June?
This question was answered on: Sep 16, 2020
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