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Suppose a lumber yard has the following data: 1) Accounts receivable, May 31: (.2 x May sales of 360,000)= 72,000 2) Monthly forecasted sales: June,
Suppose a lumber yard has the following data: 1) Accounts receivable, May 31: (.2 x May sales of 360,000)= 72,000
2) Monthly forecasted sales: June, 437,000; July, 441,000; August, 502,000 ; September, 531,000
Sales consist of 80% cash and 20% credit. All credit accounts are collected in the month following the sales. Uncollectible accounts are negligible and may be ignored.
Prepare a sales budget schedule and a cash collections budget schedule for june, july, and august
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