Question
Duffy Corporation has prepared the following sales budget Month Cash Sales Credit Sales May $16,000 $68,000 June 20,000 80,000 July 18,000 74,000 August 24,000 92,000
Duffy Corporation has prepared the following sales budget
Month Cash Sales Credit Sales
May $16,000 $68,000
June 20,000 80,000
July 18,000 74,000
August 24,000 92,000
September 22,000 76,000
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.
Required: Prepare a schedule of cash collections for July through September and show all work.
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Internal Auditing In Savings And Credit Cooperative Societies
Authors: Daniel Njuguna
1st Edition
B0C8SCJKRT, 979-8223128649
