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The following is the sales budget for Yellowhead Inc. for the first quarter of 2018: Sales January $216,000 February $236,000 March $259,000 Credit sales are
The following is the sales budget for Yellowhead Inc. for the first quarter of 2018: Sales January $216,000 February $236,000 March $259,000 Credit sales are collected as follows: 65% in the month of the sale, 30% in the month after the sale, and 5% in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $100,000 ($70,000 of which was uncollected December sales). a. Calculate the sales for November. (Omit $ sign in your response.) November sales $ b. Calculate the sales for December. (Round the final answer to 2 decimal places. Omit $ sign in your response.) December sales $ c. Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations. Round the final answers to 2 decimal places. Omit $ sign in your response.) Cash collections $ January February March $ $
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