Estimated cash receipts budget Get Fur Real Inc., a pet wholesale supplier, was organized on May 1.
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Estimated cash receipts budget
Get Fur Real Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows:
| Month | Amount |
|---|---|
| May | $330,000 |
| June | 470,000 |
| July | 630,000 |
All sales are on account. Sales on account are expected to be collected 52% in the month of the sale, 44% in the first month following the sale, and the remainder in the second month following the sale.
create a schedule indicating cash collections from sales for May, June, and July.
| Line Item Description | May | June | July |
|---|---|---|---|
| May sales on account: | |||
| Collected in May | Collected in May | ||
| Collected in June | Collected in June | ||
| Collected in July | Collected in July | ||
| June sales on account: | |||
| Collected in June | Collected in June | ||
| Collected in July | Collected in July | ||
| July sales on account: | |||
| Collected in July | Collected in July | ||
| Total cash collected | $Total cash collected | $Total cash collected | $Total cash collected |
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