Chapter 9 Homework Assignment (part 4)

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   Schedule of Cash Collections on Accounts Receivable and Cash Budget

   Bennett Inc. found that about 35% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience:

   Percent paid in the month of sale	25
   Percent paid in the month after the sale	68
   Percent paid in the second month after the sale	5

   Bennett's anticipated sales for the next few months are as follows:

   April	$250,000
   May	290,000
   June	280,000
   July	295,000
   August	300,000

   Required:

   1. Calculate credit sales for May. $fill in the blank d08f07ff303afde_1

   Calculate credit sales for June. $fill in the blank d08f07ff303afde_2

   Calculate credit sales for July. $fill in the blank d08f07ff303afde_3

   Calculate credit sales for August. $fill in the blank d08f07ff303afde_4

   2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers.

   Bennett Inc. Schedule of Cash Receipts For July and August
   				July		August
   Cash sales				$fill in the blank 5bc97106401105f_1		$fill in the blank 5bc97106401105f_2
   Payments on account:
   From May credit sales:
   $fill in the blank 5bc97106401105f_3 fill in the blank 5bc97106401105f_4 %				fill in the blank 5bc97106401105f_5		fill in the blank 5bc97106401105f_6
   From June credit sales:
   $fill in the blank 5bc97106401105f_7 fill in the blank 5bc97106401105f_8 %				fill in the blank 5bc97106401105f_9
   $fill in the blank 5bc97106401105f_10 fill in the blank 5bc97106401105f_11 %						fill in the blank 5bc97106401105f_12
   From July credit sales:
   $fill in the blank 5bc97106401105f_13 fill in the blank 5bc97106401105f_14 %				fill in the blank 5bc97106401105f_15
   $fill in the blank 5bc97106401105f_16 fill in the blank 5bc97106401105f_17 %						fill in the blank 5bc97106401105f_18
   From August credit sales:
   $fill in the blank 5bc97106401105f_19 fill in the blank 5bc97106401105f_20 %				fill in the blank 5bc97106401105f_21		fill in the blank 5bc97106401105f_22
   Cash receipts				$fill in the blank 5bc97106401105f_23		$fill in the blank 5bc97106401105f_24