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$$

$162,250$

Question Content Area

$2.$ 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.

Selig Inc.

Schedule of Cash Receipts

For July and August

Line Item Description July August

Cash sales $fill in the blank $1$ of $24$

$141,750$

$fill in the blank $2$ of $24$

$132,750$

Payments on account:

From May credit sales:

$fill in the blank $3$ of $24$

$\backslash$times fill in the blank $4$ of $24$

$\%$ fill in the blank $5$ of $24$

$108,460$

fill in the blank $6$ of $24$

$0$

From June credit sales:

$fill in the blank $7$ of $24$

$\backslash$times fill in the blank $8$ of $24$

$\%$ fill in the blank $9$ of $24$

$33,000$

$fill in the blank $10$ of $24$

$\backslash$times fill in the blank $11$ of $24$

$\%$ fill in the blank $12$ of $24$

$112,200$

From July credit sales:

$fill in the blank $13$ of $24$

$\backslash$times fill in the blank $14$ of $24$

$\%$ fill in the blank $15$ of $24$

$0$

$fill in the blank $16$ of $24$

$\backslash$times fill in the blank $17$ of $24$

$\%$ fill in the blank $18$ of $24$

$34,650$

From August credit sales:

$fill in the blank $19$ of $24$

$\backslash$times fill in the blank $20$ of $24$

$\%$ fill in the blank $21$ of $24$

$283,210$

fill in the blank $22$ of $24$

$279,600$

Cash receipts $fill in the blank $23$ of $24$

$283,210$

$fill in the blank $24$ of $24$

$279,600$