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    sunnyveedelight Posts: 1, Reputation: 1
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    Nov 8, 2012, 02:48 PM
    How do you set up the Schedule of Collections from Sales?
    Budgeted Sales:
    April $300,000
    May $360,000
    June $380,000

    The company expects to sell about 10% of its merchandise for cash in the month of sale. The other 90% of sales are to be collected in the following amounts: 0% in the month of sale; 70% in the first month after sale and 30% in the second month after sale.

    Current Assets as April 1st include cash of $40,000, Marketable Securities of $65,000 and Accounts Receivable of $370,000 ($280,000 of March Sales uncollected and $90,000 of February Sales uncollected)

    Please help advice!!

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