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Problem
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 sales budget for the second quarter given below
April
May
June
Total
Budgeted sales (all on account)
$300,000
$500,000
200,000
1,000,000
from past experience, the company has learned that 20% of month,s sales are collected in the month of sales, another 70% are collected in the month following sales, and the remaining 10% are collected in the second month following the sale. Bad debts are negligible and can be ignored. February sales totaled $230,000, and March sales totaled $260,000.
Required:
1. Prepare a schedule 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.
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