Question
The following is the sales budget for Coore, Inc., for the first quarter of 2019: JanuaryFebruaryMarchSales budget$132,000$149,000$164,000 Credit sales are collected as follows: 55 percent
The following is the sales budget for Coore, Inc., for the first quarter of 2019:
JanuaryFebruaryMarchSales budget$132,000$149,000$164,000
Credit sales are collected as follows:
55 percent in the month of the sale25 percent in the month after the sale20 percent in the second month after the saleThe accounts receivable balance at the end of the previous quarter was $121,100 ($87,300 of which was uncollected December sales).
a.Compute the sales for November.
b.Compute the sales for December.
c.Compute the cash collections from sales for each month from January through March.
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