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Sheridan Company's budgeted sales and direct materials purchases are as follows. Sheridan's sales are 3 0 % cash and 7 0 % credit. Credit sales
Sheridan Company's budgeted sales and direct materials purchases are as follows.
Sheridan's sales are cash and credit. Credit sales are collected in the month of sale, in the month following sale, and in the second month following sale; are
uncollectible. Sheridan's purchases are cash and on account. Purchases on account are paid in the month of purchase, and in the month following purchase.
a
Prepare a schedule of expected collections from customers for March.
SHERIDAN COMPANY
Schedule of Expected Collections from Customers
March
$
Total collections
$
b
Prepare a schedule of expected payments for direct materials for March.
SHERIDAN COMPANY
Schedule of Expected Payments for Direct Materials
March
$
Total payments
$
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