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A company manufactures cell phones. The company's managers budget cash flows on a quarterly basis so that they can plan short-term investments and borrowings. Cellular phone sales are highest during the spring and summer.
Expected Unit Sales 100,000
Unit Selling Price $150
Total Sales $15,000,000
Sales are fairly even within each quarter, but sales vary across quarters as follows:
January-March 10%
April-June 50%
July-September 30%
October-December 10%
Accounts receivable at the end of the prior year, consisting of sales made during December totalled $180,000. Payments from customers are usually received as follows:
Pay during the month goods are received 50%
Pay the next month 50%
Bad Debts 0%
Problem 1: What is the schedule of cash collection during the year?
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