xyz company collects payment on 50 percent of credit sales in the month of sale 544709
Cash Collections
XYZ Company collects payment on 50 percent of credit sales in the month of sale, 40 percent in the month following sale, and 5 percent in the second month following the sale. Its sales budget is as follows:
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xyz company collects payment on 50 percent of credit sales in the month of sale 544709
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|
Month |
Cash Sales |
Credit Sales |
|
May |
$20,000 |
$ 40,000 |
|
June |
40,000 |
60,000 |
|
July |
60,000 |
80,000 |
|
August |
80,000 |
100,000 |
Compute XYZ Company’s total cash collections in July and its total cash collections in August.
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