Use the following information to compute the Cash Receipts Budget for JKL Company for the first quarter of 2020. Questions 38, 39 & 40 are based on the information provided herein.

JKL sells its products both on cash basis and on account. The Cash sales are immediately recorded but Sales on account are collected 80% in the month of sale and the balance is collected, the month immediately after the sale.

December sales are: Cash $100,000 and Sales on Account are $200,000.00

January 2020 Sales are: Cash $200,000 and Sales on Account are $50,000.00

February 2020 Sales are: Cash $150,000 and Sales on Account are $60,000.00

7.

38 .Total Cash Collected in January is : $----------------------------------------------- (Show computation)-

39. Total Cash Collected in February is: $--------------------------------------------------(Show computation)

40. The total Cash collected in March $-------------------------------------------------- (Show Computation)

41. The total Cash Collection for the entire quarter $............................................ (Show computation)