Refer to the Grippers cash collections from customers budget that you prepared in S22-5. Now assume that

Question:

Refer to the Grippers cash collections from customers budget that you prepared in S22-5. Now assume that Grippers’ sales are collected as follows:
Requirement
60% in the month of the sale
30% in the month after the sale
8% two months after the sale
2% never collected
1. Prepare a revised schedule for the budgeted cash collections for January and February.