2023 7 30 Suppose a lumber yard has the following data Accounts receivable May 31 3 X | Assignments Online
2023 7 30 Suppose a lumber yard has the following data Accounts receivable May 31 3 X | Assignments Online
Assignments Online 2023 Business Finance
7-30
Suppose a lumber yard has the following data:
· Accounts receivable, May 31: (.3 X May sales of $350,000)=$105,000
· Monthly forecasted sales: June, $430,000; July, $440,000; August, $500,000; September, $530,000
Sales consist of 70% cash and 30% credit. All credit accounts are collected in the month following the sales. Uncollectible accounts are negligible and may be ignored.
Prepare a sales budget schedule and a cash collections budget schedule for June, July and August.
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