Homework: Chapter 9 Homework (required) Save Score: 0 of 1 pt 5 of 9 (2 complete) HW Score: 15.08%. 1.36 of 9 pts E9-28A (similar to) Question Help 0 Smith Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales, or the credit sales, Smith Corporation has experienced the following collection pattern: November sales for last year were $100,000, while December sales were $110.000. Projected sales for the next three months are as follows: 20% received in the month of the sale 40% received in the month after the sale 25% received two months after the sale 15% of the credit sales are never received % January sales. $ 160,000 February sales .............. S $ 115,000 March salos ............. $ 195,000 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) Smith Corporation Cash Collections Budget For the Months of January through March January Cash sales Collections on credit sales: 20% Month of sale 40% Month after 25% Two months after Total cash collections Enter any number in the edit fields and then click Check Answer. ? 3 parts 3 remaining Clear All Clear All Check