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E9-28A (similar to) Question Help Alderman Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Alderman Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 24% received two months after the sale 1% of the credit sales are never received November sales for last year were $110,000, while December sales were $120,000. Projected sales for the next three months are as follows: January sales. $ 155,000 February sales. 130,000 March sales $ 185.000 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.) Alderman Corporation Cash Collections Budget For the Months of January through March January 62000 Cash sales Collections on credit sales: 25% Month of sale 23250 42000 50% Month after 24% Two months after 18480 Total cash collections 145730 Enter any number in the edit fields and then click Check