Cash receipts budget Fox Trail Center's sales are all made

Cash receipts budget Fox Trail Center's sales are all made on account. The firm's collection experience has been that 30% of a month's sales are collected in the month the sale is made, 50% are collected in the month following the sale, and 18% are collected in the second month following the sale. The sales forecast for the months of May through August is as follows:

May ................. 5240,000

June .................. 280,000

July .................. 303,000

August ............. 350,000

Required:

Calculate the cash collections that would be included in the cash budgets for July and August.


Expert Answer



Get this answer with Solutioninn Study

Members

  • Access to 1 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$9.99
VIEW SOLUTION
OR

Non-Members

Get help from Tutors
Ask questions directly from Qualified Online Tutors .
Best for online homework instance.