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ashly138 ashly138
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4 years ago
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% two months following the sale. The remaining 5% is expected to be uncollectible.

Required:
Prepare a schedule of cash collections for July through September.
Textbook 

Cost Accounting: A Managerial Emphasis, Canadian Edition


Edition: 7th
Authors:
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GarretAGarretA
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4 years ago
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July   August        September   Total
Cash sales   $18,000   $24,000   $22,000   $64,000

Collections of credit sales from:
Current month   29,600   36,800   30,400   96,800
Previous month   36,000   33,300   41,400   110,700
Two months ago   6,800   8,000   7,400   22,200

Total collections   $90,400   $102,100   $101,200   $293,700
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