Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is the sales budget for Shleifer, Inc., for the first quarter of 2020: Sales budget January February March $208,000 $228,000 $251,000 Credit
The following is the sales budget for Shleifer, Inc., for the first quarter of 2020: Sales budget January February March $208,000 $228,000 $251,000 Credit sales are collected as follows: 55 percent in the month of the sale. 30 percent in the month after the sale. 15 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $92,000 ($62,000 of which was uncollected December sales). a. Calculate the sales for November. (Do not round intermediate calculations and round your answer to the nearest whole dollar, e.g., 32.) b. Calculate the sales for December. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
ANSWER To calculate the sales for November and December we need to consider the credit sales collection pattern provided Here are the calculations a C...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started