CASH COLLECTIONS (12 POINTS)

Dax Company forecasts the following sales in units for the next three months:

May 50,000

June 60,000

July 45,000

Each unit sells for $15.00. 45 % of sales are collected during the month of sale and 52 % in the following month. 3% of sales are not expected to be collected.

Accounts receivable at the end of April total $460,000.

Required:

Prepare a schedule of cash receipts for May, June and July.