Question: Instructions: Please complete the problems below and show all work, please! 6. Smith Company was organized on August 1 of the current year. Projected sales

Instructions: Please complete the problems below and show all work, please!

6. Smith Company was organized on August 1 of the current year. Projected sales for the next three months are:

August	$250,000
September	200,000
October	275,000

The company expects to sell 50% of its merchandise for cash and 50% for sales on account. Of the sales on account, 30% are expected to be collected in the month of the sale and the remainder in the following month.

Prepare a schedule indicating cash collections from cash and accounts receivable for the three months.

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