Problem: X Ltd. reported sales as follows:
|
January (actual)
|
February (actual)
|
March (actual)
|
April (estimate)
|
May (estimate)
|
|
$580,000
|
$600,000
|
$450,000
|
$700,000
|
$670,000
|
20% of sales are for cash. Assume the collection pattern for credit sales is as follows: 20% in the month of sale, 50% in the following month, and 30% in the month after that.
Required:
Q1. How much are estimated cash receipts in May?
Q2. How much is the estimated balance of accounts receivable at the end of May?
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