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Sunny Corporation expects to have the following sales over the next three months: ...

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Accounting

Sunny Corporation expects to have the following sales over the next three months:

July August September
Sales in dollars $220,000 $300,000 $380,000

20% of the sales are for cash. Of the remaining credit sales, 30% are collected in the same month as the sale, and 70% are collected the month following the sale. The balance of accounts receivable on July 1 was $135,000, which represented the uncollected balance of June sales. Complete the blanks in the first schedule to split sales between cash sales and credit sales. Then, complete the schedule of cash receipts. If a blank has an amount of $0, you are required to enter 0.

Do not use commas, or dollar signs in your answer. Round answers to the nearest whole dollar, if necessary.

Schedule to split sales between cash sales and credit sales

July August September
Cash sales
Credit sales
Total sales

Schedule of Cash Receipts

July August

September
Cash sales (from schedule above)
June credit sales
July credit sales
August credit sales
September credit sales
Total cash receipts

Answer & Explanation Solved by verified expert
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