Dubuque Company has prepared the following sales budget: Month Cash Sales Credit

Question

Dubuque Company has prepared the following sales budget: Month Cash Sales Credit Sales Feb $14,000 $28,000 March 12,800 29,200 April $10,800 $26,400 Collections are 40% in the month of sale, 50% in the month following the sale, and 10% two months following the sale. Prepare a schedule of total cash collected in April. Dubuque Company has prepared the following sales budget: Month Cash Sales Credit Sales Feb $14,000 $28,000 March 12,800 29,200 April $10,800 $26,400 Collections are 40% in the month of sale, 50% in the month following the sale, and 10% two months following the sale. Prepare a schedule of total cash collected in April.

Explanation / Answer

APRIL Cash sales $10,800 Collections of credit sales from: Current month $10,560 Previous month $14,600 Two months ago $2,800 Total collections $38,760

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