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XYZ Company has budgeted sales for the next six months as follows: March April May June July August Budgeted Sales $488,888 $366,000 $392,000 $424,080 $386,888
XYZ Company has budgeted sales for the next six months as follows: March April May June July August Budgeted Sales $488,888 $366,000 $392,000 $424,080 $386,888 $418,888 15% of the company's sales are cash sales and 85% of the company's sales are made on account. On average, 12% of the sales on account are collected in the month of sale, 43% is collected in the month following sale, 29% is collected in the second month following sale, and the remaining 16% is collected three months after the month of sale. Calculate the budgeted cash collections for the month of . June
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