Schedule of Cash Collections on Accounts Receivable and Cash Budget

Selig Inc. found that about 30% of its sales during the month were for cash. The company has the following accounts receivable payment experience:

Percent paid in the month of sale 20

Percent paid in the month after the sale 68

Percent paid in the second month after the sale 7

Selig's anticipated sales for the next few months are as follows:

April $250,000

May 290,000

June 300,000

July 315,000

August 295,000

Required:

Calculate credit sales for May.

Calculate credit sales for June.

Calculate credit sales for July.

Calculate credit sales for August.

2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers.