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ABC Ltd is a wholesaler. The management has been extremely worried about the entity's cash position over the last few years. In January, they sought your advice and asked you to prepare a cash budget for the forthcoming month of May. The business has provided the following information to assist in this task.
Estimated total sales for the next six months to 30 June, 2019 are as follows:
Total sales
January $ 152,500February $ 171,250March $ 177,500April $ 185,000May $ 167,500June $ 157,500
Required:
Question 1. Prepare a schedule showing receipts from credit customers for the months of April, May and June.
Question 2. Prepare a cash budget for May only.
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