E9-28A (book/static) Question Help Holiday Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Holiday Corporation has experienced the following collection pattern: November sales for last year were $90,000, while December sales were $115,000. 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 16% received two months after the sale January sales................ $ 145,000 February sales ............... $ 125,000 March sales ...................$ 180,000 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.) 9% of the credit sales are never received Holiday 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 16% Two months after Total cash collections