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Category > Accounting Posted 04 Aug 2017 My Price 12.00

Midwest Products

See attachment.

Midwest Products is a wholesale distributor of leaf rakes. Thus, peak sales occur in August of each year as shown in the company's sales budget for the third quarter, given below:

 

  July August September Total
Budgeted sales (all on account) $579,000 $ 865,000 $ 479,000 $1,923,000

 

From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. May sales totaled $431,000, and June sales totaled $511,000.
Required:
 

1. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter.(Do not round intermediate calculations.)

 

 

2.


Assume that the company will prepare a budgeted balance sheet as of September 30. Compute the accounts receivable as of that date. (Do not round intermediate calculations.)

 

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Maurice Tutor
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Status NEW Posted 04 Aug 2017 11:08 PM My Price 12.00

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