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ACC 206 Week 4 Chapter 6 Exercise 2 Schedule of cash collections

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Chapter 6 Exercise 2
2. Schedule of cash collections 
Sugarland Company sells a single product and anticipates opening a new facility in Charlotte on May 1 of the current year. Expected sales during the first three months of activity are: May, $60,000; June, $80,000; and July, $85,000. Thirty percent of all sales are for cash; the remaining 70% are on account. Credit sales have the following collection pattern: Collected in the month of sale 60%
Collected in the month following sale 35 Uncollectible 5
 
a.       Prepare a schedule of cash collections for May through July.
b.      Compute the expected balance in Accounts Receivable as of July 31.

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