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Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year 2: Dec. Year 1 an.
Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year 2: Dec. Year 1 an. Year 2 Feb. Year 2 Mar. Year 2 Credit sales Cash sales (Actual) $65,000 $15,000 (Budgeted) (Budgeted) (Budgeted) $145,000 $ 30,000 $115,000 35,00017,000 $160,000 Based on the company's collection history, 47% of credit sales are collected in month of sale and the remainder is collected in the following month. Cash collections in January from December credit sales would be: Multiple Choice S34,450 S52,000 $50,400 $35,750
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