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Northern Company has budgeted sales for the upcoming months as follows: April 450,000 May 465,000 June 490,000 July 515,000 August 500,000 Septemeber 475,000 15% percent
Northern Company has budgeted sales for the upcoming months as follows:
April 450,000
May 465,000
June 490,000
July 515,000
August 500,000
Septemeber 475,000 15% percent of the sales are credit sales and the remainder are cash sales. Credit sales are collected 51% in the month of sale, 39% in the month following the sale, and 9% in the second month following the sale.
Required: Prepare a schedule of cash collections for June, July, & August
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