Bates corporation has prepared the following sales budget

Reference no: EM13606536

Bates Corporation has prepared the following sales budget: Month Expected Sales May $84,000 June 100,000 July 92,000 August 116,000 September 98,000 Credit sales are 80% of total sales. Collections are 80% in the month of sale, 15% in the month following the sale. The remaining 5% is expected to be uncollectible. Required: Prepare a schedule of cash collections for July.

Reference no: EM13606536

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