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The following is the sales budget for Profit, Inc., for the first quarter of 2018: Sales budget January February March $ 205,000 $225,000 $248,000 Credit
The following is the sales budget for Profit, Inc., for the first quarter of 2018: Sales budget January February March $ 205,000 $225,000 $248,000 Credit sales are collected as follows: 75 percent in the month of the sale 20 percent in the month after the sale 5 percent in the second month after the sale The accounts receivable balance at the end of the previous quarter was $89.000 ($59,000 of which was uncollected December sales). a. Calculate the sales for November. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. Calculate the sales for December. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) C. Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) a. November sales b. December sales c. January cash collections February cash collections March cash collections
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