Solution-Create a schedule of cash collections for march

Create a schedule of cash collections for march through may

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Reference no: EM132540408

Magna Corporation has prepared the following sales budget:

Month Cash Sales Credit Sales

Jan $16,000 $68,000

Feb 20,000 80,000

March 20,000 74,000

April 26,000 92,000

May 24,000 76,000

Collections are 30% in the month of sale, 50% in the month following the sale, and 10% two months following the sale. The remaining 10% is expected to be uncollectible.

Required:

Question 1: make a schedule of cash collections for March through May.

Reference no: EM132540408

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Create a schedule of cash collections for march through may

Reference no: EM132540408

Reference no: EM132540408

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