Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 30% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale 25     Percent paid in the month after the sale 68     Percent paid in the second month after the sale 5     Bennett's anticipated sales for the next few months are as follows: April $250,000     May 290,000     June 280,000     July 295,000     August 300,000     Required: 1.  Calculate credit sales for May. $fill in the blank 5ada08018fd8065_1 Calculate credit sales for June. $fill in the blank 5ada08018fd8065_2 Calculate credit sales for July. $fill in the blank 5ada08018fd8065_3 Calculate credit sales for August. $fill in the blank 5ada08018fd8065_4 2.  Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Bennett Inc. Schedule of Cash Receipts For July and August         July   August Cash sales       $fill in the blank 0d736a0a1029fad_1   $fill in the blank 0d736a0a1029fad_2 Payments on account:             From May credit sales:             $fill in the blank 0d736a0a1029fad_3 × fill in the blank 0d736a0a1029fad_4 %       fill in the blank 0d736a0a1029fad_5   fill in the blank 0d736a0a1029fad_6 From June credit sales:             $fill in the blank 0d736a0a1029fad_7 × fill in the blank 0d736a0a1029fad_8 %       fill in the blank 0d736a0a1029fad_9     $fill in the blank 0d736a0a1029fad_10 × fill in the blank 0d736a0a1029fad_11 %           fill in the blank 0d736a0a1029fad_12 From July credit sales:             $fill in the blank 0d736a0a1029fad_13 × fill in the blank 0d736a0a1029fad_14 %       fill in the blank 0d736a0a1029fad_15     $fill in the blank 0d736a0a1029fad_16 × fill in the blank 0d736a0a1029fad_17 %           fill in the blank 0d736a0a1029fad_18 From August credit sales:             $fill in the blank 0d736a0a1029fad_19 × fill in the blank 0d736a0a1029fad_20 %       fill in the blank 0d736a0a1029fad_21   fill in the blank 0d736a0a1029fad_22 Cash receipts       $fill in the blank 0d736a0a1029fad_23   $fill in the blank 0d736a0a1029fad_24

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Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.