1. Sales Budget and Expected Cash Collections: The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account):

The selling price of the companys product is $18.00 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $70,200. Prepare the companys sales budget and schedule of expected cash collections.

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted unit sales 11,000