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Current Attempt in Progress Susan Wilson, Sunland & Charles Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter.
Current Attempt in Progress Susan Wilson, Sunland & Charles Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter. Budgeted revenue $648,000 January February $729,000 $891,000 March Quarter $2,268,000 The company makes all sales on credit. Susan recently reviewed the company's collection history and found that 72% of the sales are collected in the month of the sale, 26% of sales are collected in the month following the sale, and 2% of sales are uncollectible. The company expects to have a net accounts receivable balance of $98,200 on January 1, and this amount represents the remaining receivables from December's sales. Prepare Sunland & Charles's cash receipts budget for the first quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Receipts Budget January February March December credit sales $ $ January sales February sales March sales Totals $ in Total Cas
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