Duffy Corporation has prepared the following sales budget: Monthly Cash Sales Credit Sales May $16,000 $68,000$ June
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Question:
Duffy Corporation has prepared the following sales budget:
Monthly Cash Sales Credit Sales
May $16,000 $68,000$
June 20,000 80,000
July 18,000 74.000
August 24,000 92,000
September 22,000 76,000
40% of collections are made in the month of the sale, 45% in the month after the sale and 10% two months after the sale. It is estimated that the remaining 5% will not be collected.
Necessary:
Prepare a cash collection schedule from July to September.
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
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