Preparing a Schedule of Cash Collections on Accounts Receivable Weiland and Company is a medical billing services firm. All sales of billing services are billed to the client (there are no cash sales). Weiland expects that, on average, 15% will be paid in the month of billing, 40% will be paid in the month following billing, and 42% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected:

May $184,000
June 192,000
July 207,000
August 175,000
September 164,000

Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September.

August:

Cash from June= 192,000*0.42= 80,640

Cash from July= 207,000*0.4= 82,800

Cash from August= 175,000*0.15= 26,250

Total= 189,690

September:

Cash from July= 207,000*0.42= 86,940

Cash from August= 175,000*0.4= 70,000

Cash from September= 164,000*0.15= 24,600

Total= 181,540

Explanation:

Giving the following information:

Weiland expects that, on average, 15% will be paid in the month of billing, 40% will be paid in the month following billing, and 42% will be paid in the second month following billing.

Sales:

June 192,000

July 207,000

August 175,000

September 164,000

August:

Cash from June= 192,000*0.42= 80,640

Cash from July= 207,000*0.4= 82,800

Cash from August= 175,000*0.15= 26,250

Total= 189,690

September:

Cash from July= 207,000*0.42= 86,940

Cash from August= 175,000*0.4= 70,000

Cash from September= 164,000*0.15= 24,600

Total= 181,540

                         August          September

Cash receipt    $189,690        $181,540  

Explanation:

Total budgeted cash collection in the month of August is $189,690 and in the month of September is $181,540.

A schedule for the cash collection is made in MS Excel file, which is attached with this answer, please find it

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