Exercise Schedule of Expected Cash Collections LO
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below:
tabletableBudgeted sales allon account
From past experience, the company has learned that of a month's sales are collected in the month of sale, another are collected in the month following sale, and the remaining are collected in the second month following sale.
Required:
Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
What is the accounts receivable balance on June th
Complete this question by entering your answers in the tabs below.
tableRequiredRequired
Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
tableSchedule of Expected Cash Collections,AprilMay,June,Total,February sales,,,,March sales,,,,April sales,,,,May sales,,,,June sales,,,,tableTotal cashcollections
Required
