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The following is the sales budget for Harp, Inc., for the first quarter of 2015: January February March Sales budget $ 203,000 $ 223,000 $
The following is the sales budget for Harp, Inc., for the first quarter of 2015: |
January | February | March | |||||||
Sales budget | $ | 203,000 | $ | 223,000 | $ | 246,000 | |||
Credit sales are collected as follows: |
65 percent in the month of the sale |
20 percent in the month after the sale |
15 percent in the second month after the sale |
The accounts receivable balance at the end of the previous quarter was $87,000 ($57,000 of which was uncollected December sales). |
a. | Calculate the sales for November. (Round your answer to 2 decimal places, e.g., 32.16.) |
November sales | $ |
b. | Calculate the sales for December. (Round your answer to 2 decimal places, e.g., 32.16.) |
December sales | $ |
c. | Calculate the cash collections from sales for each month from January through March.(Round your answers to 2 decimal places, e.g., 32.16.) |
Cash collections | |
January | $ |
February | $ |
March | $ |
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