Schedule of Cash Collections on Accounts Receivable and CashBudget
Lopez Inc. found that about 25% of its sales during the monthwere for cash. Lopez has the following accounts receivable paymentexperience:
Percent paid in the month of sale
25
Percent paid in the month after the sale
68
Percent paid in the second month after the sale
5
Lopez’s anticipated sales for the next few months are asfollows:
April
$250,000
May
290,000
June
280,000
July
295,000
August
300,000
Required:
1. Calculate credit sales for May.$
Calculate credit sales for June.$
Calculate credit sales for July.$
Calculate credit sales for August.$
2. Prepare a schedule of cash receipts for Julyand August. Round your answer to the nearest whole dollar, ifnecessary. If an amount box does not require an entry, leave itblank or enter “0”. Be sure to enter percentages as wholenumbers.
Bennett Inc.Schedule of Cash ReceiptsFor July and August
July
August
Cash sales
$
$
Payments on account:
From May credit sales:
$ × %
From June credit sales:
$ × %
$ × %
From July credit sales:
$ × %
$ × %
From August credit sales:
$ × %
Cash receipts
$
$
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