1 2 3 Finish attempt ... Question 3 Not complete Marked out of 4.00 Cash Receipts 4 May June July August The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue $ 170,000 210,000 230,000 170,000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: 50 percent in the month of sale. 25 percent in the month following sale. 20 percent in the second month following sale. 5 percent uncollectible. Total Cash receipts: $ Check P Flag question The company gives a 2 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $34,000, of which $10,000 represents uncollected March sales and $24,000 represents uncollected April sales. (Hint: For collections of March and April receivables, start by determining total sales for the month. Assume the normal sales pattern.) Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a three-month summary of estimated cash collections. Andrew, Inc. Schedule of Budgeted Cash Collections Quarterly by Months May June Previous Save Answers $ July eBook $ Total Print

The sales budget for: Andrew inc: is forecasted as follows: To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: - 50 percent in the month of sale - 25 percent in the month following sale. - 20 percent in the second month following sale. - 5 percent uncollectible. The company gives a 2 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $34,000, of which $10,000 represents uncollected March sales and $24,000 represents uncollected April sales. (Hint: for collections of March and Aprit receivables, start by determining total sales for the month. Assume the normal sales pattem.) Prepare a schedule of budgeted cash collections from sales for May, June, and Jaly. Include a three-month summary of estimated cash collections