Capid Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:
• Sales are budgeted at $355,000 for November, $325,000 for December, and $315,000 for January.
Collections are expected to be 62% in the month of sale, 34% in the month following the sale, and 4% uncollectible.
- The cost of goods sold is 74% of sales.
The company purchases 42% of its merchandise in the month prior to the month of sale and 58% in the month of sale. Payment for merchandise is made in the month following the purchase.
• The November beginning balance in the accounts receivable account is $77,800.
• The November beginning balance in the accounts payable account is $270,400.
Prepare a Schedule of Expected Cash Collections for November and December.