Schedule of Cash Collections on Accounts Receivable and Cash Budget

Selig Inc. found that about $45\%$ of its sales during the month were for cash. The company has the following accounts receivable payment experience:

Line Item Description Percent

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:

Month Amount

April $$250,000$

May $290,000$

June $300,000$

July $315,000$

August $295,000$

Required:

Question Content Area

$1.$ Calculate credit sales for May.

fill in the blank $1$ of $4$$

$159,500$

Calculate credit sales for June.

fill in the blank $2$ of $4$$

$165,000$

Calculate credit sales for July.

fill in the blank $3$ of $4$$

$173,250$

Calculate credit sales for August.

fill in the blank $4$ of $4$$

$162,250$