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Compute the accounts receivable as of that date

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Reference no: EM13490457

Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below:

 

 

April

May

June

Total

Budget sales (all on account)

$300,000

$500,000

$200,000

$1,000,000

 

From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second following sale. Bad debts are negligible and can be ignored. February sales totaled $230,000, and March sales totaled $260,000.

1)      Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

2)      Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date.

 

Reference no: EM13490457

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