Current Attempt in Progress Paddu Company's budgeted sales and direct materials purchases follow. January was the first month of operations. Budgeted sales: January $140,600; February $191,800; March $252,000 Budgeted direct materials purchases: January $40,100; February $35,300; March $40,100 Paddu's sales are 35% cash and 65% credit. It collects credit sales 40% in the month of sale, 60% in the month following the sale. Paddu's purchases are 40% cash and 60% on account. It pays purchases on account 60% in the month of purchase, and 40% in the month following purchase. Prepare a schedule of expected collections for January, February, and March Paddu Company Expected Collections February January March Collections: Cash sales Collections of credit sales: January sales February sales Prepare a schedule of expected collections for January, February, and March. Paddu Company Expected Collections February January March Collections: $ Cash sales Collections of credit sales: January sales February sales March sales Total collections $ Prepare a schedule of expected payments for direct materials for January February and March Paddu Company Expected Payments February January March Total collections Prepare a schedule of expected payments for direct materials for January, February and March Paddu Company Expected Payments February January March Payments: Cash purchases Payment of credit purchases: January purchases February purchases March purchases Total payments $ $ Attempts: 0 of 1 used Submit Answer Save for Later