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Garnet Service anticipates the following sales revenue over a five-month period: E (Click the icon to view the sales data.) The company's sales are 30%
Garnet Service anticipates the following sales revenue over a five-month period: E (Click the icon to view the sales data.) The company's sales are 30% cash and 70% credit. Its collection history indicates that credit sales are collected as follows: (Click the icon to view the collections data.) How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in January, February, March and for the quarter in total. (Round your answers to the nearest whole dollar.) Garnet Service Cash Collections Budget For the Months of January through March January Cash sales Collection of credit sales: 25% Month of sale 50% Month after 20% Two months after Total cash collections Data Table November December January February March Sales revenue 16,900 $ 10,400 $ 15,200 $ 12,000 $ 14,400 Print Done More Info 25% in the month of the sale 50% in the month after the sale 20% two months after the sale 5% are never collected Print Done
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