The following are additional questions in Budgeting. 1.StartSmall Collects 40% of its sales on account in the month of the sale Collects 60% in the month following the sale All sales are on account Sales in June are budgeted as $30,000 In July, StartSmall targeted cash receipts from sales on account to total $40,000 Whatshould be the budgeted sales on account in July? 2.OsM Company has the following information: Forecast sales for 1st month$150,000 Forecast sales for 2nd month $ 200,000 Cash sales = 10% of total sales10% Collection schedule: In month sold80% In next month20% What are the company's forecast total cash collection in the second month? Solution: StartSmall Budgeted sales on account in July = $22,000/40% = $55,000 OsM
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