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Question - CWB Inc. has the following information: All budgeted cash collections will come from sales revenue. To calculate the budgeted cash collections, we will assume that 20% of CWB's revenue is from cash sales. The other 80% is from sales on credit, which is collected as follows:
60% of credit sales collected in the Quarter of sale.
40% of credit sales collected in the Quarter following the sale.
Quarter 1: Cash collected from last year's Quarter 4 credit sales assumed to be $100,000.
Q1
Q2
Q3
Q4
Budgeted Sales Revenue ($)
400000
200000
Required -
1. Calculate cash collected in Quarter 2 for credit sales made during Quarter 1.
2. Calculate the budgeted cash receipts for the whole year.
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