Martinez Development, Inc. has budgeted sales revenues as follows: January February March April May June Budgeted...

 

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Martinez Development, Inc. has budgeted sales revenues as follows: January February March April May June Budgeted Sales Revenues $58,000 66,000 94,000 82,000 61,000 36,000 Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June. (Do not leave any answer field blank. Enter O for amounts.) February Sales Credit Sales March Sales Credit Sales April Sales Credit Sales Cash Sales May Sales Credit Sales Cash Sales June Sales Credit Sales Cash Sales Total Cash Receipts $ April LA $ May LA $ June Martinez Development, Inc. has budgeted sales revenues as follows: January February March April May June Budgeted Sales Revenues $58,000 66,000 94,000 82,000 61,000 36,000 Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June. (Do not leave any answer field blank. Enter O for amounts.) February Sales Credit Sales March Sales Credit Sales April Sales Credit Sales Cash Sales May Sales Credit Sales Cash Sales June Sales Credit Sales Cash Sales Total Cash Receipts $ April LA $ May LA $ June