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Credit sales are 80 of total sales collections of credit

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Reference no: EM13482141

Corporation has the following sales budget:

  • Month Budgeted Sales
  • May $84,000
  • June 100,000
  • July 92,000
  • August 110,000
  • September 90,000

Credit sales are 80% of total sales. Collections of credit sales are 80% in the month of sale, 15% in the month after sale and 5% are never collected.

Required:
Prepare a schedule of cash collections for June, July and August.

Reference no: EM13482141

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