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Looking for ansers to this... The following is the sales budget for Shleifer, Inc., for the first quarter of 2016: January February March Sales budget
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The following is the sales budget for Shleifer, Inc., for the first quarter of 2016: |
January | February | March | |||||||
Sales budget | $ | 199,000 | $ | 219,000 | $ | 242,000 | |||
Credit sales are collected as follows: |
60 percent in the month of the sale. |
30 percent in the month after the sale. |
10 percent in the second month after the sale. |
The accounts receivable balance at the end of the previous quarter was $83,000 ($53,000 of which were uncollected December sales). |
a. | Calculate the sales for November. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) |
November sales | $ |
b. | Calculate the sales for December. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
December sales | $ |
c. | Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) |
Cash collections | |
January | $ |
February | $ |
March | $ |
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