question hrter o trmail com l one ali campuses x p mcgraw hill connect x c ezto 4304034

Question

hrter o trmail.com L One Ali Campuses x P McGraw-Hill Connect x C ezto mheducation.com/hm.tpx 200 points Midwest Products is a wholesale distributor of leaf rakes. Thus, peak sales occur in August of each year as shown in the company's sales budget for the third quarter, given below. July August September Total Budgeted sales (all on account) $550,000 833,000 460,000 $1,843,000 From past experience, the company has leamed that 15% of a month's sales are collected in the month of sale, another 75% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored May sales totaled $423.000. and June sales totaled $504.000. Required 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter (Do not round intermediate calculations.) Schedule of Expected Cash Collections August September Total May sales 550,000 833,000 460,000 1,843,000 June sales July sales August sales September sales Total cash collections 550.000 833.000 460,000 1,843.000 2. Assume that the company will prepare a budgeted balance sheet as of September 30. Compute the accounts receivable as of that date. (Do not round intermediate calculations.) August sales September sales Total accounts receivable