Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 $4,680,000 Quarter 2 5,890,000 Quarter 3 5,700,000 Quarter 4 8,540,000 In Shalimars experience, 10 percent of sales are paid in cash. Of the sales on account, 65 percent are collected in the quarter of sale, 25 percent are collected in the quarter following the sale, and 7 percent are collected in the second quarter after the sale. The remaining 3 percent are never collected. Total sales for the third quarter of the current year are $5,320,000 and for the fourth quarter of the current year are $7,140,000. Construct a cash receipts budget for Shalimar Company for each quarter of the next year, showing the cash sales and the cash collections from credit sales. If an amount is zero, enter "0".

Shalimar Company
Cash Receipts Budget
For the Coming Year
		Quarter 1		Quarter 2		Quarter 3		Quarter 4
Cash sales		$ Correct 9 of Item 2		$ Correct 10 of Item 2		$ Correct 11 of Item 2		$ Correct 12 of Item 2
Received on account from:
Quarter 3, current year		Correct 15 of Item 2
Quarter 4, current year		Correct 17 of Item 2		Correct 18 of Item 2
Quarter 1, next year		Correct 20 of Item 2		Correct 21 of Item 2		Correct 22 of Item 2
Quarter 2, next year				Correct 24 of Item 2		Correct 25 of Item 2		Correct 26 of Item 2
Quarter 3, next year						Correct 28 of Item 2		Correct 29 of Item 2
Quarter 4, next year		Correct 31 of Item 2		Correct 32 of Item 2		Correct 33 of Item 2		Correct 34 of Item 2
Total cash receipts		$ Correct 36 of Item 2		$ Correct 37 of Item 2		$ Correct 38 of Item 2		$