Please help me with this problem:
Duffy Corporation has prepared the following sales budget:
Month Cash Sales Credit Sales
May $16,000 68000
June 20000 80000
July 18000 74000
August 24000 92000
September 22000 76000

Collections are 40% in the month of sale, 45% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be uncolloctible.

Prepare a schedule of cash collections for July through September.

First, I need to know, is Duffy Corp. getting bailout money?

June July August September
MAY 30600 6800

June 52000 36000 8000

July 47600 33300 7400

August 60800 41400

September 52400

TOTAL $82600 $90400 $102100 $101200

YOU multiply the credit sales to .40(40%) to .45(45%) and to .01(10%) to get cash collectiobs for July to sept