The following is the sales budget for Yellowhead Inc. for the first quarter of 2021: Sales January $200,000 February $220,000 March $243,000 Credit sales are collected as follows: 65% in the month of the sale, 20% in the month after the sale, and 15% in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $84,000 ($54,000 of which was uncollected December sales). a. Calculate the sales for November. (Omit "$" sign in your response.) November sales b. Calculate the sales for December. (Round the final answer to 2 decimal places. Omit "$" sign in your response.) December sales $ c. Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations. Round the final answers to 2 decimal places. Omit "$" sign in your response.) January February March Cash collections
The following is the sales budget for Yellowhead Inc. for the first quarter of 2021: Sales January $200,000 February $220,000 March $243,000 Credit sales are collected as follows: 65% in the month of the sale, 20% in the month after the sale, and 15% in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $84,000 ($54,000 of which was uncollected December sales). a. Calculate the sales for November. (Omit "$" sign in your response.) November sales b. Calculate the sales for December. (Round the final answer to 2 decimal places. Omit "$" sign in your response.) December sales $ c. Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations. Round the final answers to 2 decimal places. Omit "$" sign in your response.) January February March Cash collections
Chapter1: Financial Statements And Business Decisions
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