Question
The following is the sales budget for Profit, Inc., for the first quarter of 2018: January February March Sales budget $ 216,000 $ 236,000 $
| The following is the sales budget for Profit, Inc., for the first quarter of 2018: |
| January | February | March | |||||||
| Sales budget | $ | 216,000 | $ | 236,000 | $ | 259,000 | |||
| Credit sales are collected as follows: |
| 65 percent in the month of the sale |
| 30 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 $100,000 ($70,000 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.) |
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Industrializing Financial Services With DevOps
Authors: Spyridon Maniotis
1st Edition
1804614343, 978-1804614341
