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How to make schedule of cash collections for march

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Reference no: EM132547627

Magna Corporation has the following sales budget:

Month                        Cash Sales                       Credit Sales

Jan                               $16,000                    $68,000

Feb                              20,000                         80,000

March                          18,000                         74,000

April                              24,000                          92,000

May                               22,000                        76,000

Collections are 40% in the month of sale, 45% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be uncollectible.

Required:

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

Reference no: EM132547627

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