Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $ 578,686 $ 850,000 $470,000 $ 1,898,686 ——————————————————————————–From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $420,000, and March sales totaled $512,374. 1.value:Requirement 1: Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. (Round your answer to the nearest dollar amount. Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.) April May June Total Total cash collections $ $ $ ——————————————————————————–References
Silver Company makes a product
Plagiarism-free and delivered on time!
We are passionate about delivering quality essays.
Our writers know how to write on any topic and subject area while meeting all of your specific requirements.
Unlike most other services, we will do a free revision if you need us to make corrections even after delivery.