Question
Laura Falk, Coronado & Hill Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter. January February March Quarter Budgeted
Laura Falk, Coronado & Hill Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter.
January | February | March | Quarter | |||||
---|---|---|---|---|---|---|---|---|
Budgeted revenue | $167,200 | $326,040 | $292,600 | $785,840 |
The company makes all sales on credit. Laura recently reviewed the company's collection history and found that 70% of the sales are collected in the month of the sale, 26% of sales are collected in the month following the sale, and 4% of sales are uncollectible. The company expects to have an accounts receivable balance of $44,460 on January 1, and this amount represents the remaining receivables from December's sales. Prepare Coronado & Hill's cash receipts budget for the first quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.)
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