Cash receipts budget Kiel Center’s sales are all made on account. The firm’s collection experience has been that 35% of a month’s sales are collected in the month the sale is made, 55% are collected in the month following the sale, and 8% are collected in the second month following the sale. The sales forecast for the months of June through September is:
June | $140,000 |
July | 160,000 |
August | 170,000 |
September | 195,000 |
Required:
Calculate the cash collections that would be included in the cash budgets for August and September.
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