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Gammaro Corporation has found that 7 0 % of its sales in any given month are credit sales, while the remainder are cash sales. Of

Gammaro Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Gammaro Corporation has experienced the following collection pattern:
25% received in the month of the sale
50% received in the month after the sale
20% received two months after the sale
5% of the credit sales are never received
November sales for last year were $110,000, while December sales were $130,000. Projected sales for the next three months are as follows:
\table[[January sales,dotsdots.$,150,000],[February sales,dotsdots.$,135,000],[March sales,dotsdotsdots$$,185,000]]
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.)
Gammaro Corporation
Cash Collections Budget
For the Months of January through March
\table[[,January],[Cash sales,],[Collections on credit sales:,26,250],[25% Month of sale,],[50% Month after,],[20% Two months after,],[Total cash collections,]]
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