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And include February, march, and quarter as well.....thank you St. Germaine Corporation has found that 70% of its sales in any given month are credit
And include February, march, and quarter as well.....thank you
St. Germaine Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, St. Germaine Corporation has experienced the following collection pattern: November sales for last year were $90,000, while December sales were $120,000. Projected sales for the next three months are as follows: 25% received in the month of the sale 50% received in the month after the sale 20% received two months after the sale January sales................ $ February sales ...............$ 150,000 125,000 March sales ... . D 16 . . . . . . . . . . . . . . . 5% of the credit sales are never received Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.) St. Germaine Corporation Cash Collections Budget For the Months of January through March January Cash sales Collections on credit sales: 25% Month of sale 50% Month after 20% Two months after Total cash collectionsStep by Step Solution
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