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Waterway/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $35. Waterway/Neff collects cash at the time of sale from
Waterway/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $35. Waterway/Neff collects cash at the time of sale from 30% of customers. Of the remaining sales, 75% are collected in the month of sale and 25% are collected in the month following the sale. The sales budget for the first six months of the year is as follows: Budgeted sales January February $101,000 $91,000 March April May $91,000 $93,000 $96,000 June $106,000 Prepare Waterway/Neff's cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter O.) Cash sales March sales April sales May sales June sales Totals $ April $ May Calculate the accounts receivable balance at the end of second quarter. Accounts Receivable balance at the end of second quarter $ +A $ $ June +A Total Cash
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