Wells company reports the following sales forecast: september, $55,000; october, $66,000; and november, $80,000. all sales are on account. collections of credit sales are received as follows: 25% in the month of sale, 60% in the first month after sale, and 10% in the second month after sale. 5% of all credit sales are written off as uncollectible. prepare a schedule of cash receipts for november.

Total= $65,100

Explanation:

Giving the following information:

Wells Company reports the following sales forecast: September, $55,000; October, $66,000; and November, $80,000.

Collections of credit sales are received as follows: 25% in the month of sale, 60% in the first month after sale, and 10% in the second month after sale. 5% of all credit sales are written off as uncollectible.

Cash collection November:

November= 80,000*0.25= 20,000

From October= 66,000*0.6= 39,600

From September= 55,000*0.10= 5,500

Total= $65,100

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