Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales...
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Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows: Sales Budget April May June Cash Sales 55,000 53,000 80,000 Sales on Account 395,000 452,000 430,000 450,000 505,000 510,000 Bright Minds expects to collect 70% of the sales on account in the month of sale, 20% in the month following the sale, and the remainder in the second month following the sale. What is the amount of budgeted cash collections for June?
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