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Samson 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, Samson Corporation has experienced the following collection patte 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received November sales for last year were $100,000, while December su Projected sales for the next three months are as follows: January sales. February sales. March sales. $ 160,000 $ 130,000 $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a colum for the quarter (Round your answers to the nearest whole dollar)

Samson 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, Samson Corporation has experienced the following collection patte 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received November sales for last year were $100,000, while December su Projected sales for the next three months are as follows: January sales. February sales. March sales. $ 160,000 $ 130,000 $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a colum 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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Chapter 9 has found that 70% of its sales in month are credit sales, while the Kremainder are cash sales. Of the credit sales, Samson Corporation has experienced the following collection pattern. 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received Cash sales Collections on credit sales 25% Month of sale 50% Mother 16% Two months after Total cash collections Samson Corporation Cash Collections Budget For the Months of January through March January November sales for last year were $100,000, while December sales were $115,000 Projected sales for the next three months are as follows: $ 160,000 $ 130,000 $ 165,000 January sales. February sales.. March sales. 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:Chapter 9 has found that 70% of its sales in month are credit sales, while the Kremainder are cash sales. Of the credit sales, Samson Corporation has experienced the following collection pattern. 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received Cash sales Collections on credit sales 25% Month of sale 50% Mother 16% Two months after Total cash collections Samson Corporation Cash Collections Budget For the Months of January through March January November sales for last year were $100,000, while December sales were $115,000 Projected sales for the next three months are as follows: $ 160,000 $ 130,000 $ 165,000 January sales. February sales.. March sales. 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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