E9-33A (similar to) Question Help Instruments and More, Ltd., a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $886,000 in October, 1958,000 in November, $1,030,000 in December, and $924,000 in January. The company's sales are 20% cash and 80% credit, and collection history indicates that credit sales are collected as follows: 26% in the month of the sale 60% in the month after the sale 8% two months after the sale 6% are never collected Requirements 1. Prepare a sales budget for all four months showing the breakdown between cash and credit sales 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar. Sales Budget October November December January Cash sales $ 177,200 $ 191,600 $ 206,000 $ 184,800 Credit sales 708,800 766,400 824,000 739,200 $ 886,000 $ 958,000 1,030,000 $ 924,000 Total sales Requirement 2. Prepare a cash collection budget for December and January. (Round all answers up to the nearest dollar) Instruments and More, Ltd. Budgeted Cash Collections from Customers December January Cash sales 206,000 $ 184,800 This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers. Similar Question All parts showing E9-33A (similar to) Question Help Instruments and More, Ltd., a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $886,000 in October, $958,000 in November, $1,030,000 in December, and $924,000 in January. The company's sales are 20% cash and 80% credit, and collection history indicates that credit sales are collected as follows: 26% in the month of the sale 60% in the month after the sale 8% two months after the sale 6% are never collected Requirements 1. Prepare a sales budget for all four months showing the breakdown between cash and credit sales 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar. Requirement 2. Prepare a cash collection budget for December and January (Round all answers up to the nearest dollar) Instruments and More, Ltd. Budgeted Cash Collections from Customers December January Cash sales $ 206,000 $ 184.800 Collection of credit sales 26% of current month credit sales 214 240 192.192 459,840 494.400 60% of prior month credit sales 56,704 61 312 8% of credit sales two months ago 730,784 747 904 Total collection of credit sales 936.784 5 932,704 Total cash collections cor This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers, Similar Question All parts showing W E9-33A (similar to) Question Help or Classical Sound, Lid, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $889,000 in October, $956,000 in November, 51,025,000 in December, and $920,000 in January The company's sales aro 22% cash and 78% credit, and collection history indicates that credit sales are collected as follows: q 28% in the month of the sale 60% in the month after the sale 10% two months after the sale 2% are never collected ed Requirements 1. Prepare a sales budget for all four months showing the breakdown between cash and credit sales. 2. Prepare a cash collection budget for December and January Round all answers up to the nearest dollar Requirement 1. Prepare a sales budget for all four months showing the breakdown between cash and credit sales (Round all answers up to the nearest dollar:) Classical Sound, Ltd Sales Budget 070 October November December January anu a Cash sales Credit sales ned Total sales Enter any number in the edit fields and then click Check Answer con Clear All Check Answer 1 part remaining