Sweeney 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, Sweeney Corporation has experienced the following collection pattern:

$25\%$ received in the month of the sale

$50\%$ received in the month after the sale

$18\%$ received two months after the sale

$7\%$ of the credit sales are never received

November sales for last year were $$85,000,$ while December sales were $$115,000.$ Projected sales for the next three months are as follows:

January sales. $........$ $$155,000$

February sales $..........$ $$125,000$

March sales. $.............$ $ $165,000$

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.$)$

Sweeney 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

$18\%$ Two months after

Total cash collections