2. Cash Collection Budget Holiday Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Holiday Corporation has experienced the following collection pattern: 30% received in the month of the sale 45% received in the month after the sale 17% received two months after the sale 8% are never received November sales for last year were $100,000, while December sales were $125,000. Projected sales for the next three months are as follows: January sales February Sales March Sales $145,000 $125,000 $180,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter.

2. Cash Collection Budget Holiday Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Holiday Corporation has experienced the following collection pattern: 30% received in the month of the sale 45% received in the month after the sale 17% received two months after the sale 8% are never received November sales for last year were $100,000, while December sales were $125,000. Projected sales for the next three months are as follows: January sales February Sales March Sales $145,000 $125,000 $180,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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