Mississippi Retailers expects credit sales in the next quarter as follows: April

Question

Mississippi Retailers expects credit sales in the next quarter as follows: April $74,300 May 93,700 June 114,000 Prior experience has shown that 64 percent of a month's sales are collected in the month of sale, 15 percent are collected in the month following sale, and the remaining 21 percent are collected in the second month following sale. February and March sales were $84,900 and $106,000, respectively. Estimate budgeted cash receipts for April, May, and June. Collection of credit sales April May June Collection of February sales Collection of March sales Collection of April sales Collection of May sales Collection of June sales

Explanation / Answer

collection of credit sales April May June Collcetion of February sales 17829 Collcetion of March sales 15900 22260 Collcetion of April sales 47552 11145 15603 Collcetion of May sales 59968 14055 Collcetion of June sales 72960 Total 81281 93373 102618

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