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Prepare schedule of cash collections for march through may

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Reference no: EM132540533

Magna Corporation has prepared the following sales budget:

Month                                   Cash Sales                        Credit Sales

Jan                                       $16,000                          $68,000

Feb                                         20,000                           80,000

March                                       20,000                           74,000

April                                             26,000                         92,000

May                                        24,000                                  76,000

Collections are 30% in the month of sale, 50% in the month following the sale, and 10% two months following the sale. The remaining 10% is expected to be uncollectible.

Required:

Question 1: Create schedule of cash collections for March through May.

Reference no: EM132540533

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