Peak sales for Midwest Products, a wholesale distributor of leaf rakes, occur in August. The company’s sales budget for the third quarter showing these peak sales is given below:
July August September Total
Budgeted sales (all on account) $567,000 $789,000 $461,000 $1,817,000
From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. May sales totaled $429,000, and June sales totaled $528,000.
Prepare a schedule of expected cash collections from sales, by month and in total for the third quarter.
July August September Total
May sales $ $ $ $
Total cash collections $ $ $ $
Assume that the company will prepare a budgeted balance sheet as of September 30. Compute the accounts receivable as of that date.
Accounts Receivable = $
The solution explains how to prepare a schedule of expected cash collections
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