7131/2018 ssignment Print Vew 1.Award: 10.00 pcints Silver Company makes a produ

Question

7131/2018 ssignment Print Vew 1.Award: 10.00 pcints Silver Company makes a product that is very popular as a others Cay git. Thus. peak sales oocur in May of cach year, as the company's sales budget for the second quarter gvon below shown in April S31000 t?ay Budeeted seles iai on account 51000 ST60,0309B0 CO From past experience, the company has learned ihat 25% of b north a sales are collected in tie month of see, another 60 collected in the month following sale, and the reme ning 15% are collected in the sec and month fallowing sale. Bad debts a and can be ignored. February sales totaled $240,000, and Marchh saes tolaled $270,0Dd are edig ble Required: 1. Prepare a schedule of excected cash collecions from sales. by menth and in total, for the second quarter 2. What is the accounts receivable balanoe on Jute 30th? Complete this question by entering your answers in the tabs below, Required 1 Required 2 Prepare ? schedule of expected cash collections from sales, by month and in total, for ee second quarter Schedule of Expected Cash Collections Apri May June Total February sales March seles Apri salee May salet June sale8 Total cash oollactiona Hints Hint n1 Dificuty 1 Easy Leaming CojectiveD-02 Prepare s sales budget inclusing a schedule of expocted cash colectiens Worksheet hip:l/eziomheducasion.conhmtpx?todonc15SinglePrintViewssngiQuestonNo 1.&poetSubrissonvion; 132527004227031438widsf

Explanation / Answer

EXPECTED CASH COLLECTIONS April May June Total Feb month sales 36,000 36,000 March month sales 162,000 40500 202,500 April Month sales 77,500 186000 46500 310,000 May month sales 127500 306000 433,500 June Month sales 40000 40,000 Total Cash Collections 275,500 354,000 392,500 1,022,000 Accounts receivable Balance on June30 Receivable from May sales (510000*15%) 76500 Receivable from June sales (160000*75%) 120000 Accounts receivable Balance on June30 196500

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