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St. Germaine 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, St. Germaine Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 22% received two months after the sale 3% of the credit sales are never received Cash sales Collections on credit sales: 25% Month of sale 50% Month after 22% Two months after Total cash collections St. Germaine Corporation Cash Collections Budget For the Months of January through March January November sales for last year were $100,000, while December sales were $110,000. Projected sales for the next three months are as follows: January sales.... February sales March sales..... .$ 160,000 .$ 125,000 .$ 175,000 Requirement Prepare 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.)

St. Germaine 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, St. Germaine Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 22% received two months after the sale 3% of the credit sales are never received Cash sales Collections on credit sales: 25% Month of sale 50% Month after 22% Two months after Total cash collections St. Germaine Corporation Cash Collections Budget For the Months of January through March January November sales for last year were $100,000, while December sales were $110,000. Projected sales for the next three months are as follows: January sales.... February sales March sales..... .$ 160,000 .$ 125,000 .$ 175,000 Requirement Prepare 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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St. Germaine 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, St. Germaine Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 22% received two months after the sale 3% of the credit sales are never received Cash sales Collections on credit sales: 25% Month of sale 50% Month after 22% Two months after Total cash collections St. Germaine Corporation Cash Collections Budget For the Months of January through March January November sales for last year were $100,000, while December sales were $110,000. Projected sales for the next three months are as follows: January sales February sales. March sales... $ 160,000 $ 125,000 175,000 $ 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:St. Germaine 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, St. Germaine Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 22% received two months after the sale 3% of the credit sales are never received Cash sales Collections on credit sales: 25% Month of sale 50% Month after 22% Two months after Total cash collections St. Germaine Corporation Cash Collections Budget For the Months of January through March January November sales for last year were $100,000, while December sales were $110,000. Projected sales for the next three months are as follows: January sales February sales. March sales... $ 160,000 $ 125,000 175,000 $ 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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