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Make schedule of cash collections for march through may

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Reference no: EM132540093

Magna Corporation has prepared 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.

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

Reference no: EM132540093

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