Question
Oak Retailers expects credit sales in the next quarter as follows: April $66,200 May 88,400 June 112,000 Prior experience has shown that 66 percent of
Oak Retailers expects credit sales in the next quarter as follows:
April | $66,200 | |
May | 88,400 | |
June | 112,000 |
Prior experience has shown that 66 percent of a months sales are collected in the month of sale, 25 percent are collected in the month following sale, and the remaining 9 percent are collected in the second month following sale. February and March sales were $92,500 and $109,000, respectively. Estimate budgeted cash receipts for April, May, and June.
Collection of credit sales | April | May | June | |||
Collection of February sales | $ | $ | $ | |||
Collection of March sales | ||||||
Collection of April sales | ||||||
Collection of May sales | ||||||
Collection of June sales | ||||||
$ | $ | $ |
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