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The following is the sales budget for Shleifer, Inc., for the first quarter of 2019: Sales budget January February March $200,000 $220,000 $243,000 Credit sales
The following is the sales budget for Shleifer, Inc., for the first quarter of 2019: Sales budget January February March $200,000 $220,000 $243,000 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 $84,000 ($54,000 of which were uncollected December sales). a. Calculate the sales for November. (Do not round intermediate calculations and round your answer to the nearest whole number, 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.) a. November sales b. December sales c. January collections February collections March collections
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