Mid-Term Exam CFM-23 Chapter 8 and 9 March 21 2002 9h00 to 11h59 - Google Chrome mylab.pearson.com/Student/PlayerTest.aspx?testld=240778330¢erwin=yes Management Accounting 410-334-AB CFM-23 Chapters 8 to 12 Test: Mid-Term Exam CFM-23 Chapter 8 and 9 March 21 2002 9h00 to 11h59 Question 4 of 40 This test: 100 point(s) possible This question: 10 point(s) possible Bakersfield Wholesalers has found that 82% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Bakersfield Wholesalers has experienced the following collection pattern: November sales for last year were $78,000, while December sales were $122,000. Projected sales for the next three months are as follo 22% paid in the month of the sale. January sales. . . . . ... $ 156,000 . 44% paid in the month after the sale February sales .. . . .. . . ...... $ 128,000 23% paid two months after the sale 11% of the sales are never collected March sales . . $ 177,000 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.) Bakersfield Wholesalers Cash Collections Budget For the Months of January through March January February March Quarter Cash sales Collection of credit sales: 22% Month of sale 44% Month after 23% Two months after Total cash collections Time Ren 2"C Mostly sunny O Type here to search