Corporation has found that $80\%$ of its sales in any given month are credit$$ sales, while the remainder are cash sales. Of the credit$$ sales, Fielding Corporation has experienced the following collection$$ pattern:

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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.$)$

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Part $1$

Fielding Corporation

Cash Collections Budget

For the Months of January through March

January

February

March

Quarter

Cash sales

Collections on credit sales:

$25\%$ Month of sale

$50\%$ Month after

$24\%$ Two months after

Total cash collections

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Additional information

November sales for last year were $ $105$ comma $000,$ while December sales were $ $110$ comma $000.$ Projected sales for the next three months are as$$ follows:

January sales. $..............$

$$170,000$

February sales. $.............$

$$115,000$

March sales. $................$

$$175,000$

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