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solum Apr May Jun Jul Aug Sep Oct Now, see Cash Collection Schedule Romal Company has submited the following sales budget for the dard quarter
solum Apr May Jun Jul Aug Sep Oct Now, see Cash Collection Schedule Romal Company has submited the following sales budget for the dard quarter. August September Total Buxlgeted sales tall on account) $500 $100 $200 $1,100 Management expected to collect 716 of sales in the month of sale, ander 20% are collected in the mouth following sale, and the remaining 10% are collected in the sexed month following sake. Required: 1. Prepare a schedule of expected cash collections from sales, by mouth and in total, for the third quarter. Collection Period. July August September tal July salls $500 Foto 5 COX 201, 107. For $350 $100 #50 $500 1207.x 400 207. X 400 Aug Sales &400 $280 $80 $360 Sep 707x200 - $200 Total 3350 14350 $270 | $1,000 sales = $140 $140
Expert Solution
The solution done by you is totally correct, there is nothing wrong in it, as is given that collection 70% of sales in the month of sale, another 20% in the following month, the remaining 10% in second month. So the account receivable balance as on september $70 i.e. [($400 x 10%) + ($200 x 30%)].
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