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Prepare a schedule of expected cash collections from sales

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Question - 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

Budgeted sales (all on account) $ 557,000 $ 806,000 $476,000 $ 1,839,000

From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 75% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $421,000, and March sales totaled $503,000.

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

Reference no: EM131794424

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