St. Germaine 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, 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 18% received two months after the sale 7% of the credit sales are never received

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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solve jan feb march quater fast please do it

 

St. Germaine 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, 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
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
1...1
Cash Collections Budget
For the Months of January through March
January
November sales for last year were $105,000, while December
sales were $115,000. Projected sales for the next three
months are as follows:
January sales
February sales
March sales
$
$
$
160,000
120,000
170,000
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 80% 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 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 1...1 Cash Collections Budget For the Months of January through March January November sales for last year were $105,000, while December sales were $115,000. Projected sales for the next three months are as follows: January sales February sales March sales $ $ $ 160,000 120,000 170,000 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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