32. Cash Receipts Budget LO5 Barrera’s Outdoor Outfitters sells many items that sporting enthusiasts find useful. The company sells shoes, pants, shirts, jackets, fly- fishing equipment, hiking equipment, hunting equipment, and various other products. The following sales projections were prepared by the company’s sales manager and include all items for each of the first seven months of 2012: Sales Sales Month Volume Month Volume January 25,000 May 31,400 February 27,000 June 34,500 March 32,000 July 36,700 April 28,500 The average sales price per item is $ 12. The company estimates that it collects 70 percent of each month’s sales in the month of sale and 20 percent the fol-lowing month. The remaining outstanding sales are collected in the next month. The balance of accounts receivable on December 31, 2011, was $ 141,600. Of the accounts receivable balance, $ 33,600 represents uncollected November sales. Required Prepare a cash receipts budget for January through June of 2012.
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