Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 15% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience:
Percent paid in the month of sale 25
Percent paid in the month after the sale 68
Percent paid in the second month after the sale 5
Bennett's anticipated sales for the next few months are as follows:
April $250,000
May 290,000
June 280,000
July 295,000
August 300,000
Required:
1. Calculate credit sales for May.$
Calculate credit sales for June.$
Calculate credit sales for July.$
Calculate credit sales for August.$
2. Prepare a schedule of cash receipts for July and August. Round your answer to the nearest whole dollar, if necessary.

Calculate credit sales for May.$ $246,500

Calculate credit sales for June.$ 238,000

Calculate credit sales for July.$ 250,750

Calculate credit sales for August.$255,000

Schedule of Cash Receipts for July and August

                                           July         August

Total Sales                   $295,000  $300,000

Credit Sales(85%)        $250,750   $255,000

Cash Receipts (15%)     $44,250      $45,000

Credit Receipts

- 25 %                            $62,688     $63,750

- 68 %                            $161,840    $170,510

-   5 %                             $12,325       $11,900

Credit Receipts              $236,853  $246,160

Total Receipts                 $281,103   $291,160

Explanation:

Schedule of Cash Receipts for July and August

                                  April           May           June            July         August

Total Sales             $250,000  $290,000  $280,000  $295,000  $ 300,000

Credit Sales(85%)   $212,500  $246,500   $238,000  $250,750   $255,000

Cash Receipts (15%) $37,500     $43,500     $42,000    $44,250      $45,000

Credit Receipts

- 25 %                        $53,125      $61,625     $59,500    $62,688     $63,750

- 68 %                           $0          $144,500    $167,620    $161,840    $170,510

-   5 %                           $0                 $0          $10,625     $12,325       $11,900

Credit Receipts       $53,125     $206,125    $237,745   $236,853  $246,160

Total Receipts        $90,625    $249,625    $279,745     $281,103   $291,160

Technique : Cash receipts include Cash Sales paid and Credit Sales paid up at the respective percentages and months.              

cash flow statement possibly

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