Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the sales budget for Shleifer, Inc., for the first quarter of 2 0 2 0 : January February March Sales budget $

The following is the sales budget for Shleifer, Inc., for the first quarter of 2020:
January February March
Sales budget $ 204,000 $ 224,000 $ 247,000
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 $88,000($58,000 of which was uncollected December sales).
a. Calculate the sales for November. (Do not round intermediate calculations and round your answer to the nearest whole dollar, e.g.,32.)
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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Conservation Easement IRS Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304133923, 978-1304133922

More Books

Students also viewed these Accounting questions