Schedule of Cash Collections on Accounts Receivable and Cash Budget

Bennett Inc. found that about 40% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience:

Percent paid in the month of sale	25
Percent paid in the month after the sale	68
Percent paid in the second month after the sale	5

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

April	$250,000
May	290,000
June	280,000
July	295,000
August	300,000

Required:

1. Calculate credit sales for May. $fill in the blank 582e33fddff0002_1

Calculate credit sales for June. $fill in the blank 582e33fddff0002_2

Calculate credit sales for July. $fill in the blank 582e33fddff0002_3

Calculate credit sales for August. $fill in the blank 582e33fddff0002_4

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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.

Bennett Inc. Schedule of Cash Receipts For July and August
				July		August
Cash sales				$fill in the blank 597f21fab039fe4_1		$fill in the blank 597f21fab039fe4_2
Payments on account:
From May credit sales:
$fill in the blank 597f21fab039fe4_3 fill in the blank 597f21fab039fe4_4 %				fill in the blank 597f21fab039fe4_5		fill in the blank 597f21fab039fe4_6
From June credit sales:
$fill in the blank 597f21fab039fe4_7 fill in the blank 597f21fab039fe4_8 %				fill in the blank 597f21fab039fe4_9
$fill in the blank 597f21fab039fe4_10 fill in the blank 597f21fab039fe4_11 %						fill in the blank 597f21fab039fe4_12
From July credit sales:
$fill in the blank 597f21fab039fe4_13 fill in the blank 597f21fab039fe4_14 %				fill in the blank 597f21fab039fe4_15
$fill in the blank 597f21fab039fe4_16 fill in the blank 597f21fab039fe4_17 %						fill in the blank 597f21fab039fe4_18
From August credit sales:
$fill in the blank 597f21fab039fe4_19 fill in the blank 597f21fab039fe4_20 %				fill in the blank 597f21fab039fe4_21		fill in the blank 597f21fab039fe4_22
Cash receipts				$fill in the blank 597f21fab039fe4_23		$fill in the blank 597f21fab039fe4_24