Sunland Company has budgeted monthly sales revenue for the first 6 months of 2022 as...
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Accounting
Sunland Company has budgeted monthly sales revenue for the first 6 months of 2022 as follows:
Budgeted Sales Revenues
January $70,000
February 70,000
March 94,000
April 87,000
May 72,000
June 31,000
Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible.
Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June 2022. (Do not leave any answer field blank. Enter 0 for amounts.)
SUNLAND COMPANY Expected Cash Receipts from Sales For the Months of April, May and June 2022 Collection of sales April Collection of February sales Credit Sales Cash Sales Collection of March sales Credit Sales Cash Sales Collection of April sales Credit Sales Cash Sales Collection of May sales Credit Sales Cash Sales Collection of June sales Credit Sales Cash Sales Total cash receipts $ $ $ $ May $ June
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