Quan Business makes a product that is very popular as a Birthday gift. Thus, peak...
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Quan Business makes a product that is very popular as a Birthday gift. Thus, peak sales occur in May of each year, as shown in the companys sales budget for the second quarter given below:
Also, What is the Total Accounts Receivable at June 30?
From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $360,000, and March sales totaled $390,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2 What is the accounts receivable balance on June 30th? Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter
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