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    Preparing a Schedule of Cash Collections

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    I am not understanding how to break these figures down quarterly. The examples in the textbook are done by quarters byt he assignment is asking for monthly figures:

    Duffy Corporation has prepared the following sales budget:
    Month Cash Sales Credit Sales
    May $16,000 $68,000
    June 20,000 80,000
    July 18,000 74,000
    August 24,000 92,000
    September 22,000 76,000

    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 uncollectible.

    Required:
    Prepare a schedule of cash collections for July through September.

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