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Silver company makes a product that is very popular as a mother’s day gift. thus, peak sales occur in may of each year, as shown in the company’s sales budget for the second quarter given below:
april may june total
budgeted sales (all on account) $390,000 $590,000 $230,000 $1,210,000
from past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. bad debts are negligible and can be ignored. february sales totaled $320,000, and march sales totaled $350,000. prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
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Silver company makes a product that is very popular as a mother’s day gift. thus, peak sales occur i...
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