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Schedule of Cash Collections on Accounts Receivable and Cash Budget

Bennett Inc. found that about 40% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience:

Percent paid in the month of sale25  Percent paid in the month after the sale68  Percent paid in the second month after the sale5

Bennett’s anticipated sales for the next few months are as follows:

• April$250,000
• May290,000
•  June280,000
• July295,000
•  August300,000

1. Calculate credit sales for May. $

Calculate credit sales for June.$

Calculate credit sales for July.$

Calculate credit sales for August.