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    kvitka's Avatar
    kvitka Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 3, 2008, 06:16 PM
    Duffy Corporation
    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.
    magprob's Avatar
    magprob Posts: 1,877, Reputation: 300
    Ultra Member
    		  
    #2

    Dec 3, 2008, 06:54 PM

    First, I need to know, is Duffy Corp. getting bailout money?
    m4gomes's Avatar
    m4gomes Posts: 1, Reputation: 1
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    #3

    May 7, 2013, 02:28 PM
    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
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