Question
The following is the sales budget for Segura, Inc., for the first quarter of 2013: January February March Sales budget $146,000 $163,000 $178,000 Credit sales
The following is the sales budget for Segura, Inc., for the first quarter of 2013: January February March Sales budget $146,000 $163,000 $178,000 Credit sales are collected as follows: 70 percent in the month of the sale 25 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 $71,550 ($62,400 of which was uncollected December sales). Required: (a) Compute the sales for November. (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Sales $ (b) Compute the sales for December. (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Sales $ (c) Compute the cash collections from sales for each month from January through March. (Do not round intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).) Cash Collection January $ February $ March $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started