Homework Answers
Solution:
| Schedule of expected cash collection - Clippers Corp. | ||||
| Particulars | April | May | June | Total |
| Cash sales | $110,000.00 | $175,000.00 | $130,000.00 | $415,000.00 |
| Cash received for February Credit Sale | $42,000.00 | $42,000.00 | ||
| Cash received for March Credit Sale | $110,000.00 | $56,000.00 | $166,000.00 | |
| Cash received for April Credit Sale | $41,250.00 | $151,250.00 | $77,000.00 | $269,500.00 |
| Cash received for May Credit Sale | $67,500.00 | $247,500.00 | $315,000.00 | |
| Cash received for June Credit Sale | $52,500.00 | $52,500.00 | ||
| Budgeted Cash Collection | $303,250.00 | $449,750.00 | $507,000.00 | $1,260,000.00 |
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