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The following is the sales budget for Shleifer, Inc., for the first quarter of 2020: January February March Sales budget $ 209,000 $ 229,000 $
The following is the sales budget for Shleifer, Inc., for the first quarter of 2020: |
January | February | March | |||||||
Sales budget | $ | 209,000 | $ | 229,000 | $ | 252,000 | |||
Credit sales are collected as follows: | |
65 percent in the month of the sale. | |
25 percent in the month after the sale. | |
10 percent in the second month after the sale. | |
The accounts receivable balance at the end of the previous quarter was $93,000 ($63,000 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.) |
A. November Sales ___________
B. December Sales____________
C. January cash collections__________
February cash collections __________
March cash collections____________
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