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I need the calculations please! Monachino Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are
I need the calculations please!
Monachino Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Monachino Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 18% received two months after the sale 7% of the credit sales are never received November sales for last year were $85,000, while December sales were $110,000. Projected sales for the next three months are as follows: January sales... .$ 145,000 February sales $ 130,000 March sales .$ 190,000 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.) January February 29,000 $ 26,000 $ Cash sales Collections on credit sales: 25% Month of sale 50% Month after 26,000 29,000 44,000 12,240 18% Two months after Enter any number in the edit fields and then click CheckStep by Step Solution
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