Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is the sales budget for Shleifer, Inc., for the first quarter of 2020: January February March Sales budget $ 204,000 $ 224,000 $
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
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