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The following is the sales budget for Shleifer, Inc., for the first quarter of 2013: January February March Sales budget $ 205,000 $ 225,000 $
The following is the sales budget for Shleifer, Inc., for the first quarter of 2013:
January | February | March | ||||
Sales budget | $ | 205,000 | $ | 225,000 | $ | 248,000 |
Credit sales are collected as follows: |
75 percent in the month of the sale. |
20 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 $89,000 ($59,000 of which was uncollected December sales). |
a. | Calculate the sales for November. (Do not round intermediate calculations. Enter your answer in whole dollars (e.g., 32).) |
November sales | $ |
b. | Calculate the sales for December. (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).) |
December sales | $ |
c. | Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your final answers to 2 decimal places (e.g., 32.16).) |
Cash collections | |
January | $ |
February | $ |
March | $ |
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