Schedule of cash collections Sugarland Company sells a single product and anticipates opening a new facility in Charlotte on May 1 of the current year. Expected sales during the first 3 months of activity are as follows: May, $70,000; June, $90,000; and July, $95,000.

Thirty percent of all sales are for cash; the remaining 70% are on account. Credit sales have the following collection pattern:

Collected in the month of sale	60%
Collected in the month following sale	35
Uncollectible	5

Prepare a schedule of cash collections for May through July.

Compute the expected balance in Accounts Receivable as of July 31.

Please complete the answers in the follow excel sheet format. I must be able to enter them in a preformated excel spreadsheet.

The below video can also be accessed using this link to see how to do the problem: http://ashford.mediaspace.kaltura.com/media/ACC206A+Chapter+6+Exercise+2/0_ggcovwwr

ACC206 Guidance Report Week Fou Read-only] Excel File Home Insert page Layout Formula Data Review view Q lell me what you want to do D14. YOUR ANSWERS BASED UPON Questions COURSE START DATE 13 Cash Collections May Beginning balance 15 Current month A/R sale collections Previous month A/R sale collections 17 Cash sales 18 Ending balance 20 Cash Collections June Current month A/R sale collections Previous month A/R sale collections Cash sales Ending balance Cash Collections July Current month A/R sale collections Previous month A/R sale collections 29 Cash sales Ending balance A/R ending balance 35 Student Guidance Report Ready a ype here to search rhonda paul X 2 Share 3:45 PM 00% 5/11/2017