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Category > Accounting Posted 22 Jul 2017 My Price 6.00

Worthington Company

Financial budgets: cash inflows Worthington Company makes cash (20% of total sales), credit card (50% of total sales), and account (30% of total sales) sales. Credit card sales are collected in the month following the sale, net a 3% credit card fee. This means that if the sale is $100, the credit card company’s fee is $3, and Worthington receives $97. Account sales are collected as follows: 40% in the first month following the sale, 50% in the second month following the sale, 8% in the third month following the sale, and 2% never collected. The following table identifies the projected sales for the next year:

WORTHINGTON COMPANY PROJECTED SALES

MONTH	SALES	MONTH	SALES
January	$12,369,348	July	$21,747,839
February	15,936,293	August	14,908,534
March	13,294,309	September	11,984,398
April	19,373,689	October	18,894,535
May	20,957,566	November	21,983,545
June	18,874,717	December	20,408,367

Prepare a statement showing the cash expected each month from the collections from these sales.

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Maurice Tutor

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Status NEW Posted 22 Jul 2017 09:07 PM My Price 6.00

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