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Calculate the accounts receivable balance on july

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Reference no: EM132617422

Silver Company has projected sales for the third quarter of the coming year as follows:

July                   $ 980,000

August              $ 620,000

September        $1,140,000

Actual sales figures for May and June are as follows:

May $ 900,000

June $1,000,000

Cash Collections from sales are budgeted at 50% in the month of sale, 30% in the month following the sale, and 17% collected in the second month following the sale. The remaining 3% is uncollectible.

Required:

Problem 1. Prepare a schedule of Expected Cash Collections from sales for July.

Problem 2. Calculate the Accounts Receivable balance on July 31st excluding uncollectible amounts.

Reference no: EM132617422

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