November sales for last year were $100,000, while December sales were $115,000.Projected sales for the next three months are as follows:January sales...February sales.March sales...$165,000$125,000. $ 190,000RequirementPrepare a cash collections budget for the first quarter, with a column for each month andfor the quarter. (Round your answers to the nearest whole dollar.) Sesnie Corporation has found that 80% of its sales in any given month are credit sales, while theremainder are cash sales. Of the credit sales, Sesnie Corporation has experienced the followingcollection pattern:25% received in the month of the sale50% received in the month after the sale15% received two months after the sale10% of the credit sales are never receivedCash salesCollections on credit sales:25% Month of sale50% Month after15% Two months afterTotal cash collectionsSesnie CorporationCash Collections BudgetFor the Months of January through MarchJanuary$33,00033,000

Cash collections means the amount of money collected by the entity from the sales of current month…

November sales for last year were $100,000, while December sales were $115,000. Projected sales for the next three months are as follows: January sales.... February sales. March sales... $ $ ....$ 165,000 125,000 190,000 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.)

November sales for last year were $100,000, while December sales were $115,000. Projected sales for the next three months are as follows: January sales.... February sales. March sales... $ $ ....$ 165,000 125,000 190,000 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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