Cornerstones of Managerial Accounting 4th Edition by Maryanne Mowen, Don Hansen, Dan Heitger

Exercise 60

Schedule of Cash Collections on Accounts Receivable and Cash Budget
Lopez Inc. found that about 35 percent of its sales during the month were for cash. Lopez has the following accounts receivable payment experience:
Lopez's anticipated sales for the next few months are as follows:
Required:
1. Calculate credit sales for May, June, July, and August.
2. Prepare a schedule of cash receipts for July and August.