Answer Happy

Spencer Company has budgeted sales for the upcoming months as follows: February $ 610,000 $619,000 $653,000 $ 678,000 March April May 70% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 40% in the month of sale, 50% in the month following the sale, and 10% in the second month following the sale. a. Compute Spencer's cash receipts for April. (Do not round intermediate calculations.) Cash Receipts b. Compute Spencer's cash receipts for May. (Do not round intermediate calculations.) Cash Receipts c. Compute the accounts receivable balance for May 31. (Do not round intermediate calculations.) Accounts Receivable Balance