Question
Ridgewood Retailers expects credit sales in the next quarter as follows: April $63,300 May 96,200 June 113,000 Prior experience has shown that 61 percent of
Ridgewood Retailers expects credit sales in the next quarter as follows:
April | $63,300 | |
May | 96,200 | |
June | 113,000 |
Prior experience has shown that 61 percent of a months sales are collected in the month of sale, 18 percent are collected in the month following sale, and the remaining 21 percent are collected in the second month following sale. February and March sales were $82,200 and $107,000, 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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