#2: Mayor Corporation has the following Budgeted Sales for the year 2023: May: $400,000 June: $350,000...

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#2: Mayor Corporation has the following Budgeted Sales for the year 2023: May: $400,000 June: $350,000 July: $200,000 August: $550,000 September: $600,000 From past experience, the company has learned that 25% of sales are collected in the month of the sale, 40% are collected in the following month, and 35% are collected in second month after the sale. Bad debts are negligible and can be ignored. A) Prepare a Schedule of Cash Collections from sales, by month and in total, for the third quarter (July, August, September). B) What is the Accounts Receivable balance on September 30? #2: Mayor Corporation has the following Budgeted Sales for the year 2023: May: $400,000 June: $350,000 July: $200,000 August: $550,000 September: $600,000 From past experience, the company has learned that 25% of sales are collected in the month of the sale, 40% are collected in the following month, and 35% are collected in second month after the sale. Bad debts are negligible and can be ignored. A) Prepare a Schedule of Cash Collections from sales, by month and in total, for the third quarter (July, August, September). B) What is the Accounts Receivable balance on September 30?

Answer rating: 100% (QA)

A To prepare the Schedule of Cash Collections for the third quarter July August September we need to ... View the full answer