DeBerg Company has the following sales projections for its second and third quarters: ...
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Accounting
DeBerg Company has the following sales projections for its second and third quarters:
| April | $100,000 | ||
| May | $120,000 | ||
| June | $140,000 | ||
| July | $160,000 | ||
| August | $150,000 | ||
| September | $130,000 |
Normal cash collection experience has been that 50% of sales are collected during the month of sale, 30% in the month following sale, and 15% in the second month following sale. The remaining 5% of sales is never collected. Prepare the schedule of cash collections for the third quarter, by month and in total.
| Cash Collection Schedule | Jul. | Aug. | Sep. | 3rd Qtr | |||||
| Total planned sales | $
| $
| $
| $
| |||||
| Credit sales collected during month |
|
|
| $
| |||||
| Credit sales collected one month later |
|
|
| $
| |||||
| Credit sales collected two months later |
|
|
| $
| |||||
| $
| $
| $
| $
|
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