The Master Budget Sales and cash collections budgets Augustine Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be: October $904,000 November $964,000 December $1,045,000 January $936,000 Augustine's sales are: 20% cash 80% credit The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 8% two months after the sale 2% are never collected Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirements 1 Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. 2 Prepare a cash collections budget for December and January. a. Use cell references from the prior requirement, if applicable. Grader - Instructions Accounting 2019 Project BT6e E9-33A v2 Project Description: BT6e E9-33A Steps to Perform: Points Step Instructions Possible 1 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. 2 (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) 2. Prepare a cash collections budget for December and January. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Use cell references from the prior requirement, if applicable.) Total Points 22 10 Created On: 01/07/2022 1 BT6e E9-33A v2 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab marked wrong.) Augustine Reeds Sales Budget For the Four Months Ended January Cash sales Credit sales Total sales revenue October November December January 2. Prepare a cash collections budget for December and January. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab marked wrong. Use cell references from the prior requirement, if applicable.) Augustine Reeds Budgeted Cash Collections from Customers For the Months of December and January Cash sales in current month Collection on credit sales: Credit sales from current month Credit sales made one month ago Credit sales made two month ago Total cash collections Month December January