Instructions. SHOW WORK

This company is a distributor of a seasonal product. Thus, peak sales occur in August of each year as shown in the company's sales budget for the third quarter, given below:

	July	August	September	Total
Budgeted Sales (all on account)	$560,000	$800,000	$440,000	$1,800,000

From past experience, the company has learned that 32% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 8% are collected in the second month following sale. Bad debts are negligible and can be ignored. May sales totaled $340,000, and June sales totaled $450,000.

Required create and upload an Excel spreadsheet showing the following (remember to show adequate work and use appropriate calculations). Label all columns and rows:

1. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter. Rows should be by Month of Sales, columns by Month of collections.
2. What amount is stilling in accounts receivable as of 9/30? Show how you arrived at the amount.