Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June

A Company has budgeted sales revenues as follows:

Budgeted Sales Revenues

January $55,000

February 75,000

March 90,000

April 80,000

May 60,000

June 35,000

Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows:

• 60% in the month of sale,

• 30% in the month following the sale, and

• 5% in the second month following the sale.

• the other 5% is uncollectible.

Required

Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June.

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