Brooks/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $50. Brooks/Neff collects cash at the time of sale from 30% of customers. Of the remaining sales, 75% are collected in the month of sale and 25% are collected in the month following the sale. The sales budget for the first six months of the year is as follows:

January February March April May June
Budgeted sales $120,000 $110,000 $110,000 $112,000 $115,000 $125,000

Prepare Brooks/Neff's cash receipts budget for the second quarter. (Round answers to 0 decimal places, e. g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.)

Total cash 2nd Quarter= $343,250

Explanation:

Giving the following information:

Each scrapbook sells for $50.

Brooks/Neff collects cash at the time of sale from 30% of customers. Of the remaining sales, 75% are collected in the month of sale and 25% are collected in the month following the sale.

Budgeted sales:

January= $120,000

February= $110,000

March= $110,000

April= $112,000

May= $115,000

June= $125,000

We need to calculate the cash collection for each month, and then determine the total cash for the quarter:

April:

From April= 112,000*0.3= 33,600

From March= (115,000*0.7)*0.75= 60,375

From Frebruary= (110,000*0.7)*0.25= 19,250

Total cash= $113,225

May:

From May= 115,000*0.3= 34,500

From April= (112,000*0.7)*0.75= 58,800

From March= (110,000*0.7)*0.25= 19,250

Total cash= $112,550

June:

From June= 125,000*0.3= 37,500

From May= (115,000*0.7)*0.75= 60,375

From April= (112,000*0.7)*0.25= 19,600

Total cash= $117,475

Total cash 2nd Quarter= $343,250

answer; i do believe that the correct answer is (6) points in georgia;

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23