Prepare a schedule of cash collections

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Reference no: EM13754154

Phillip Corporation has the following sales budget:

Month Budgeted Sales

May $84,000

June 100,000

July 92,000

August 110,000

September 90,000

Credit sales are 80% of total sales. Collections of credit sales are 80% in the month of sale, 15% in the month after sale and 5% are never collected.

Required:

Prepare a schedule of cash collections for June, July and August.

Reference no: EM13754154

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