The PDQ Company makes collections on credit sales according to the following schedule:

25% in month of sale 70% in month following sale 5% in second month following sale

The following sales have been budgeted:

Month Sales April $100,000 May 120,000 June 110,000

Question 33

Question 33 options:

Prepare a schedule of expected cash collected in the month of June.

Question 34

Question 34 options:

Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date.