Historically, the cash collection of sales has been as follows: 55 percent of sa

Question

Historically, the cash collection of sales has been as follows: 55 percent of sales collected in month of sale, 35 percent of sales collected in month following sale, and 9 percent of sales collected in second month following sale. The remaining 1 percent is never collected because customers do not pay.

Required

If required, round answers to the nearest cent.

Prepare a cash receipts budget for each month of the second quarter (April, May, and June).

Sales April May June February $ March $ April $ May June Total $ $ $

Explanation / Answer

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Jan Feb Mar Apr May Jun Units 150000 125000 180000 165000 165000 155000 Sales 187500 156250 225000 206250 206250 193750

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