Blair Corporation is a retailer of assorted baby products. The actual and forecast sales for April...

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Blair Corporation is a retailer of assorted baby products. The actual and forecast sales for April through August are: April (actual) May (actual) June July August Revenues $ 175,260 202,600 227, 600 242, 600 232,600 All sales are credit sales. The cash collection pattern is 20% in the month of sale, 70% in the month following the sale, and the remainder in the second month following the sale. Accounts receivable on June 1 were $180,100. Required: a. Prepare a budgeted cash receipts schedule for the period June through August (by month only). Accounts Receivable Balance Blair Corporation Budgeted Cash Receipts For the Three Months Ending August 31 June Budgeted sales revenue Credit sales collected month of sale (20%) Credit sales collected month following sale (70%) Credit sales collected second month following sale (10%) Budgeted cash receipts b. What is the expected Accounts Receivable balance at August 31? July August Blair Corporation is a retailer of assorted baby products. The actual and forecast sales for April through August are: April (actual) May (actual) June July August Revenues $ 175,260 202,600 227, 600 242, 600 232,600 All sales are credit sales. The cash collection pattern is 20% in the month of sale, 70% in the month following the sale, and the remainder in the second month following the sale. Accounts receivable on June 1 were $180,100. Required: a. Prepare a budgeted cash receipts schedule for the period June through August (by month only). Accounts Receivable Balance Blair Corporation Budgeted Cash Receipts For the Three Months Ending August 31 June Budgeted sales revenue Credit sales collected month of sale (20%) Credit sales collected month following sale (70%) Credit sales collected second month following sale (10%) Budgeted cash receipts b. What is the expected Accounts Receivable balance at August 31? July August

Answer rating: 100% (QA)

a Budgeted Cash Receipts Schedule for June through August To calculate the budgeted cash receipts we ... View the full answer