Suppose a Zellers store has the following data: Accounts receivable, May 31: (0.3 May sales of

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Suppose a Zellers store has the following data:

Accounts receivable, May 31: (0.3 × May sales of $350,000) = $105,000

Monthly forecast sales: June, $430,000; July, $440,000; August, $500,000; September, $530,000

Sales consist of 70 percent cash and 30 percent credit. All credit accounts are collected in the month following the sales. Uncollectible accounts are negligible and may be ignored.

Prepare a sales budget schedule and a cash collections budget schedule for June, July, and August.

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Related Book For answer-question

Management Accounting

ISBN: 978-0132570848

6th Canadian edition

Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Phillip Beaulieu

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Question Posted: Jul 05, 2019 08:43 AM

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Suppose a Zellers store has the following data: Accounts receivable, May 31: (0.3 May sales of

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Management Accounting

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