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July 30, 2014

Homework Help: managerial accounting

Posted by mz nailz on Monday, October 17, 2011 at 11:18am.

Werntz furniture had actual sales for July and august and forecasted sales for September, October, November and December as follows:

Actual: July………………………………………………………….$ 98,000
August……………………………………………………… 105,000
Forecast September………………………………………………… 114,000
October…………………………………………………….. 94,000
November…………………………………………………… 122,000
December……………………………………………………..107,000

Based on company experience, it is estimated that 30 percent of a month’s sales are collected in the month of the sale, 55 percent in the month following the sale and 10 percent in the second month following the sale.

Calculate the estimated cash receipts for September, October, and November

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