Question
The following is the sales budget for Segura, Inc., for the first quarter of 2013: January February March Sales budget $141,000 $158,000 $173,000 Credit sales
The following is the sales budget for Segura, Inc., for the first quarter of 2013: |
January | February | March | |
Sales budget | $141,000 | $158,000 | $173,000 |
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 $97,750 ($71,050 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 | $ |
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