Question
Dubai Trade Corporation has prepared the following 2020 sales budget: Month Cash Sales Credit Sales May$16,000$68,000 June20,00080,000 July18,00074,000 August24,00092,000 September22,00076,000 Collections are 40% in the
Dubai Trade Corporation has prepared the following 2020 sales budget:
MonthCash SalesCredit Sales
May$16,000$68,000
June20,00080,000
July18,00074,000
August24,00092,000
September22,00076,000
Collections are 40% in the month of sale, 45% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be uncollectible. The company also made sure that all outstanding balances owed by customers from November and December 2019 were paid before the end of December 2019
create a schedule of cash collections for July through September 2020. Please fill in the below table.
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Accounting for Non-Accounting Students
Authors: John R. Dyson
8th Edition
273722972, 978-0273722977
