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Sheridan Company's budgeted sales and direct materials purchases are as follows. Sheridaris sales are 30%...

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Accounting

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Sheridan Company's budgeted sales and direct materials purchases are as follows. Sheridaris sales are 30% cash and 70% credit. Creditsales arecollected 10% in the month of saie, 50% in the month following sale, and 36% in the second month following sale: 45 are uncollectibie Sheridah's ourchases are 50% cash and 50% on acgount. Purchases on account arepaid 40% in the month of purchase, and 60% int in monthifol owing purchase. (a) (a) Prepare a schedule of expected collections from customers for March Prepare a schedule of expected payments for direct materials for March

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