Morrissey Law Firm has found from past experience that 20 percent of its services are for cash. The remaining 80% are on credit. An aging schedule for accounts receivable reveals the following pattern:
a.
10% of fees on credit are paid in the month that service is rendered.
b.
70% of fees on credit are paid in the month following legal service.
c.
17% of fees on credit are paid in the second month following the legal service.
d.
3% of fees on credit are never collected.
Fees (on credit) that have not been paid until the second month following performance of the legal service are considered overdue and are subject to a 3 percent late charge.
Morrissey has developed the following forecast of fees:
May…………………………………………………………. $230,000
June…………………………………………………………… 250,000
July……………………………………………………………. 240,000
August………………………………………………………. 240,000
September………………………………………………….. 290,000
Required:
Prepare a schedule of cash receipts for August and September.
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