Accounts receivable, May 31: (.3 x May sales of $450,000) = $135,000.
Monthly forecasted sales: June, $400,000; July, $440,000; August, $500,000; September, $530,000.
Sales consist of 70% cash and 30% credit. All credit accounts are collected in the month following the sales. Uncollected accounts are negligible and may be ignored. Prepare a sales budget schedule and a cash collections budget schedule for June, July, and August.© BrainMass Inc. brainmass.com June 3, 2020, 10:01 pm ad1c9bdddf
Sales budget schedule:
June, $400,000; July, $440,000; ...
This solution provides a brief, but concise response of about 40 words which illustrates how to compose both a sales budget schedule and a cash collections budget.