The BRS Corporation makes collections on sales according to the following schedule: 20% in month of sale 71% in month following sale 9% in second month following sale The following sales have been budgeted: Sales April $ 110,000 May $ 130,000 June $ 120,000 Budgeted cash collections in June would be:

$126,200

Explanation:

The collection for June will be as follows

20% of June sales

71% of May sales

9% of April sales

20% of June

=20/100 x 120,000

=$24,000

71% of may sales

=71/100 x $130,000

=$92,300

9% of April sales

=9/100 x 110,000

=$9900

Total collection will be $24,000 + $92,000 + $9900

=$126,200

statement of owner's equity;

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