Question
Manky supplies compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted: $157,000 for January, $186,500 for February, $225,800 for March, $240,000
Manky supplies compressed gases to industry. Data regarding the store's operations follow:
Sales are budgeted: $157,000 for January, $186,500 for February, $225,800 for March, $240,000 for April, $210,000 for May, and $301,200 for June.
Collections are in cash and on credit. Cash sales make up 18% of sales and the remaining sales are credit. Credit sales are expected to be 66% in the month of sale, 18% in the month following the sale, 11% in the month after and the reminder is uncollectible.
Required: Prepare a Cash Receipts schedule for the 2nd quarter with a total column.
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