Keyso Corporation is a merchandising firm

1) What are the budgeted cash collections in July from June credit sales

2)What are budgeted total cash receipts in August

3) What is the definition difference between a cash collections and a cash receipts

Keyso Corporation is a merchandising firm. Information pertaining to the company's ale revenue is presented in the following table. June July August (Actual) (Budget) (Budget) Loo oo Cash sales 80.000 $100.000 60.000 Credit sales 240.000 360.000 180,000 Total sales 20,000 460,000 240,000 Management estimates that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale and the remainder in the month following the sale