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Prepare a schedule of budgeted cash collections

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Question - lisa Corporation has the following sales budget for the last four months of 2015:

September = $400,000

October = $320,000

November = $440,000

December = $360,000

Historically, the following trend has been established regarding cash collection of sales:

65 Percent in month of sale

25 percent in month following sale

8 percent in second month following sale 2 percent uncollectible

The company allows a 2 percent cash discount for payments made by customers during the month of the sale. Jul and August sales were $400,000 and $240,000, respectively.

Required: Prepare a schedule of budgeted cash collections from sales for September, October, and November please show all work.

Reference no: EM132092483

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