TaylorMade Golf is preparing its cash budget for Q1 2024. Cash sales are collected in the month of sale. For sales on account, 55% is expected to be collected in the month of sale, and 45% is expected to be collected in the first month following the sales. The following chart shows TaylorMade’s budgeted sales information for Q1. Month Sales January $5,300,000 February $5,475,000 March $5,600,000 Assume 80% of sales are on account and the other 20% are cash sales. What is the budgeted amount for cash collections from customers (cash and on account) in February? (Round to the nearest whole dollar amount. Do not round intermediate steps.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Subject :- Account 

 

TaylorMade Golf is preparing its cash budget for Q1 2024. Cash sales are collected in the month of sale. For sales on account, 55% is expected to be collected in the month of sale, and 45% is expected to be collected in the first month following the sales. The following chart shows TaylorMade’s budgeted sales information for Q1. Month Sales January $5,300,000 February $5,475,000 March $5,600,000 Assume 80% of sales are on account and the other 20% are cash sales. What is the budgeted amount for cash collections from customers (cash and on account) in February? (Round to the nearest whole dollar amount. Do not round intermediate steps.) 

 

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