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Cash Collections for Polo Motors found that 18% of its sales were cash and the remaining 82% are credit sales. Of the credit sales, the
Cash Collections for Polo Motors found that 18% of its sales were cash and the remaining 82% are credit sales. Of the credit sales, the company collected 70% in the month of sale, 25% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $153,000, and June Sales were 164,000. How much will be collected in the 3rd quarter, if July sales are $125,000, August sales are 186,000 , and September sales are $313,000 ? Required: Prepare a cash collection schedule for July, August, September and include a total for the Quarter. (Round to the nearest whole dollar)
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