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Brooks/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $50. Brooks/Neff collects cash at the time of sale from 30%
Brooks/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $50. Brooks/Neff collects cash at the time of sale from 30% of customers. Of the remaining sales 75% are collected in the month of sale and 25% are collected in the month following the sale. The sales budget for the first six months of the year is as follows: January $120,000 February $110,000 March $110,000 Budgeted sales April $112,000 May $115,000 June $125,000 Prepare Brooks/Neff's cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) April May June Total Cash sales $ $ $ $ March sales April sales May sales June sales Totals $ $ $ Calculate the accounts receivable balance at the end of second quarter. Accounts Receivable balance at the end of second quarter $ $
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