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 sale25Percent paid in the month after the sale68Percent paid in the second month after the sale5

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

April$250,000

May290,000

June280,000

July295,000

August300,000

1.Calculate credit sales for May.

$

Calculate credit sales for June.

$

Calculate credit sales for July.

$

Calculate credit sales for August.

2.Make 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.