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Question 2 Duffy Corporation has prepared the following sales budget: Month Cash Sales Credit Sales...

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Question 2 Duffy Corporation has prepared the following sales budget: Month Cash Sales Credit Sales 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% in the month of sale, 45% in the month following the sale, and 10%twomonths following the sale. The remaining 5% is expected to be uncollectible. Required: Prepare a schedule of cash collections for July through September. (10 Marks)

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