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Part 1See attached file to answer this part.Part 2This is a similar exercise you worked on in the discussion forum, with different numbers and a different collection schedule: Logan Township acquired
See attached file to answer this part.
This is a similar exercise you worked on in the discussion forum, with different numbers and a different collection schedule: Logan Township acquired its water system from a private company on June 1. No receivables were acquired with the purchase. Therefore, total accounts receivable on June 1 had a zero balance.Logan plans to bill customers in the month following the month of sale, and 70% of the resulting billings will be collected during the billing month. 90% of the remaining balance should be collectable in the next following month. The remaining uncollectible amounts will relate to citizens who have moved away. Such amounts are never expected to be collected and will be written off.Water sales during June are estimated at $4,000,000, and expected to increase 30% in July. August sales will be the same as July sales. Estimate the monthly cash collections for June, July, August, and September.
For this week’s reflection, please write three complete and well-composed paragraphs (in your own words) in which you explain why cash flow budgets are useful to business leaders.