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Gem Service anticipates the following sales revenue over a five-month periad (Click the icon to view the sales data.) The oompany's sales are 20% cash
Gem Service anticipates the following sales revenue over a five-month periad (Click the icon to view the sales data.) The oompany's sales are 20% cash and 80% 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.) Gem Service Cash Collections Budget For the Months of J through March More Info January Data Table Cash sales Collection of credit sales: 2596 Month of sale 50% Month after 15% Two months after 25% in the month of the sale 50% in the month after the sale 15% two months after the sale 10% are never collected January February March S 16,600 10,000 15,000 12,400 14,800 DecembeJ Sales revenue Total cash collections
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