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Berkner Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Berkner Corporation has experienced the following collection pattem 25% received in the month of the sale 50% received in the month after the sale 18% received two months after the sale 7% of the credit sales are never received Cash sales Collections on credit sales 25% Month of sale 50% Month after 18% Two months after Total cash collections Berkner Corporation Cash Collections Budget For the Months of January through March January November sales for last year were $95,000, while December sales were $110,000 Projected sales for the next three months are as follows: January sales... February sales. March sales $ 155,000 $ 115,000 $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar)

Berkner Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Berkner Corporation has experienced the following collection pattem 25% received in the month of the sale 50% received in the month after the sale 18% received two months after the sale 7% of the credit sales are never received Cash sales Collections on credit sales 25% Month of sale 50% Month after 18% Two months after Total cash collections Berkner Corporation Cash Collections Budget For the Months of January through March January November sales for last year were $95,000, while December sales were $110,000 Projected sales for the next three months are as follows: January sales... February sales. March sales $ 155,000 $ 115,000 $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar)

FINANCIAL ACCOUNTING
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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Berkner Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Berkner Corporation has experienced the following collection patter 25% received in the month of the sale 50% received in the month after the sale - 18% received two months after the sale 7% of the credit sales are never received Cash sales Collections on credit sales 25% Month of sale 50% Month after 18% Two months after Total cash collections Berkner Corporation Cash Collections Budget For the Months of January through March January November sales for last year were $95,000, while December sales were $110,000 Projected sales for the next three months are as follows: January sales... February sales. March sales. $ 155,000 $ 115,000 $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar)
Transcribed Image Text:Berkner Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Berkner Corporation has experienced the following collection patter 25% received in the month of the sale 50% received in the month after the sale - 18% received two months after the sale 7% of the credit sales are never received Cash sales Collections on credit sales 25% Month of sale 50% Month after 18% Two months after Total cash collections Berkner Corporation Cash Collections Budget For the Months of January through March January November sales for last year were $95,000, while December sales were $110,000 Projected sales for the next three months are as follows: January sales... February sales. March sales. $ 155,000 $ 115,000 $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar)
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