Katy Lou is a retailer of scrapbooking products. The sales forecast for the coming months...
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Accounting
Katy Lou is a retailer of scrapbooking products. The sales forecast for the coming months is:
Revenues:
April (actual) $250,000
May (actual) $275,000
June $300,000
July $350,000
august $350,000 Katy Lou's sales are 30% cash and 70% credit. The collection pattern is 60% in the month of sale, 35% the following month and the remainder in the second month following the sale.
Required
Prepare a cash receipts schedule for the period June - August (by month).
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