Prepare the schedule of cash collections for april may and june
schedule of cash collections for April, May and June
April | May | June | |
Cash sales | 60,000 x 60% = 36,000 | 72,000 x 60% = 43,200 | 90,000 x 60% = 54,000 |
Collection from credit sale of March | 20,000 | 0 | 0 |
Collection from credit sale of April | 0 | 24,000 | 0 |
Collection from credit sale of May | 0 | 0 | 28,800 |
Total cash collections | $56,000 | $67,200 | $82,800 |
Credit sale of March = 50,000 x 40%
= $20,000
Credit sale of April = 60,000 x 40%
= $24,000
Credit sale of May = 72,000 x 40%
= $28,800
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