please help me with all parts ; holiday Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Holiday Corporation has experienced the following collection pattern:

25% received in the month of the sale

50% received in the month after the sale

16% received two months after the sale

9% of the credit sales are never received

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Part 1

November sales for last year were $90,000, while December sales were $115,000. Projected sales for the next three months are as follows:

January sales

. . . . . . . . . . . . .

$

145,000

February sales

. . . . . . . . . . . .

$

125,000

March sales

. . . . . . . . . . . . . .

$

180,000

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.)

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Part 1

Holiday Corporation

Cash Collections Budget

For the Months of January through March

January

Cash sales

Collections on credit sales:

25% Month of sale

50% Month after

16% Two months after

Total cash collections