Question
The following is the sales budget for Yellowhead Inc. for the first quarter of 2021: January February March Sales $ 210,000 $ 230,000 $ 253,000
The following is the sales budget for Yellowhead Inc. for the first quarter of 2021:
January | February | March | |||||||
Sales | $ | 210,000 | $ | 230,000 | $ | 253,000 | |||
Credit sales are collected as follows: 65% in the month of the sale, 25% in the month after the sale, and 10% in the second month after the sale.
The accounts receivable balance at the end of the previous quarter was $94,000 ($64,000 of which was uncollected December sales).
a. Calculate the sales for November. (Omit "$" 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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