Compute spencer budgeted cash receipts for april

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Reference no: EM133382631

Question: Spencer Company has budgeted sales for the upcoming months as follows:

February	$ 604,000
March	619,000
April	649,000
May	674,000

Assume that 70 percent of the sales are credit sales, and the remainder are cash sales. Credit sales are collected 40 percent in the month of sale, 50 percent in the month following the sale, and 10 percent in the second month following the sale.

Required

Compute Spencer's budgeted cash receipts for April.

Compute Spencer's budgeted cash receipts for May.

Compute Spencer's expected accounts receivable balance at May 31.

Reference no: EM133382631

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