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Monty Development, Inc. has budgeted sales revenues as follows: Past experience has indicated that 90% of sales each month are on credit and that collection
Monty Development, Inc. has budgeted sales revenues as follows: Past experience has indicated that 90% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June. (Do not leave any answer field blank. Enter 0 for amounts.) April May June FebruarySales Credit Sales $3015 MarchSales Credit Sales 26730 April Sales Credit Sales Cash Sales May Sales Credit Sales Cash Sales JuneSales Credit Sales Cash Sales Total Cash Receipts $ 0 $ 4455 0 0 0 \begin{tabular}{l} \hline \\ \hline \\ \hline \end{tabular} 0 0 0 0 0 0 \begin{tabular}{|r|} \hline 0 \\ \hline 0 \\ \hline \end{tabular} \begin{tabular}{rrr|} \hline \\ 0 & 0 & \\ \hline \end{tabular} 0 0 $
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