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DeBerg Company has the following sales projections for its second and third quarters: ...

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Accounting

DeBerg Company has the following sales projections for its second and third quarters:

April $100,000
May $120,000
June $140,000
July $160,000
August $150,000
September $130,000

Normal cash collection experience has been that 50% of sales are collected during the month of sale, 30% in the month following sale, and 15% in the second month following sale. The remaining 5% of sales is never collected. Prepare the schedule of cash collections for the third quarter, by month and in total.

Cash Collection Schedule

Jul.

Aug.

Sep.

 3rd Qtr

Total planned sales

 $

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 $

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 $

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 $

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Credit sales collected during month

image

image

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 $

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Credit sales collected one month later

image

image

image

 $

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Credit sales collected two months later

image

image

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 $

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$

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 $

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 $

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 $

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