Xenos Company Has the Following Sales Projections for the Coming

question 32

Essay

Xenos Company has the following sales projections for the coming months: $$\begin{array} { | l | r | } \hline \text { Month } & \text { Sales } \\\hline \text { January } & \$ 60,000 \\\hline \text { February } & 68,000 \\\hline \text { March } & 75,000 \\\hline \text { April } & 80,000 \\\hline \text { May } & 95,000 \\\hline \text { June } & 90,000 \\\hline\end{array}$$
Xenos collects 20% of its sales in the month of sale,45% in the month following the sale,and 35% in the second month following the sale.Required:
a.Prepare a schedule of cash receipts for the three months April through June.b.What would be the accounts receivable balance on June 30?

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