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Problem - The following is the sales budget for the given months of Welco, Ltd.:
Cash Sales
Credit Sales
May
$59,000
$283,000
June
$43,000
$236,000
July
$33,000
$205,000
August
$47,000
$268,000
September
$46,000
$197,000
Additional information to be used determining the expected cash collections each month that will be used in preparing the cash budget:
Collections on Credit sales:
50% in month of sale
20% in month following sale
30% in second month following sale
The Accounts Receivable balance on May 1 was $53,000. Of this amount, $41,000 represented uncollected April sales and $12,000 represented uncollected March sales.
Part 1: What is the expect cash to be collected in May?
Part 2: The budgeted Accounts Receivable on September 1 would be:
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