Aragon and Associates has found from past experience that 25% of its services are for cash. The remaining 75% are on credit. An aging schedule for accounts receivable reveals the following pattern: Ten percent of fees on credit are collected in the month that service is rendered.
Sixty percent of fees on credit are collected in the month following service.
Twenty-six percent of fees on credit are collected in the second month following service.
Four percent of fees on credit are never collected.
Fees (on credit) that have not been paid until the second month following performance of the legal service are considered overdue and are subject to a 3% late charge.
Aragon has developed the following forecast of fees:
May $180,000
June 200,000
July 190,000
August 194,000
September 240,000
Required:
Prepare a schedule of cash receipts for August and September. If an amount box does not require an entry, leave it blank or enter "0". Round answers to the nearest dollar.

schedule of cash receipts

                                    May         June       July        August   September

                                      $                $           $               $                 $

Credit Fees (75%)    135,000  150,000  142,500    145,500  180,000

Cash Sales (25%)      45,000   40,000    47,500     48,500    60,000

Credit Receipt (10%)  13,500    15,000     14,250      14,550     18,000

Credit Receipt (60%)      0        81,000    90,000     85,500    87,300

Credit Receipt (26%)      0            0          35,100      39,000    37,050

Total Receipts           58,500  136,000  186,850    187,550   202,350

Explanation:

The schedule of cash receipts must include the cash sales and other amounts received for credit sales in the respective months and amounts as outlined by the question.

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