Prepare schedule of cash collections for july

Reference no: EM13259418

Duffy Corporation hasprepared the following sales budget: Month .
Cash Sales........reditSales
May .. $16,000.....$68,000
June 20,000 ......80,000
July 18,000 .......74,000
August .... 24,000..... 92,000
September .. 22,000.... 76,000

Collections are 40% inthe month of sale, 45% in the month following the sale, and 10% twomonths following the sale. The remaining 5% is expected to beuncollectible.

Required: Prepare a schedule of cash collections for July through September.

Reference no: EM13259418

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