Question
The following is the sales budget for Coore, Inc., for the first quarter of 2019: January...
|
The following is the sales budget for Coore, Inc., for the first quarter of 2019: |
| January | February | March | |
| Sales budget | $142,000 | $159,000 | $174,000 |
|
Credit sales are collected as follows: |
| 70 percent in the month of the sale |
| 25 percent in the month after the sale |
| 5 percent in the second month after the sale |
| The accounts receivable balance at the end of the previous quarter was $70,150 ($61,200 of which was uncollected December sales). |
| a. |
Compute the sales for November. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) |
| b. | Compute the sales for December. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) |
| c. | Compute the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) |
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