Reference no: EM131012873
The following is the sales budget for Shleifer, Inc., for the first quarter of 2013:
January February March
Sales budget $205,000 $225,000 $248,000
Credit sales are collected as follows:
75 percent in the month of the sale.
20 percent in the month after the sale.
5 percent in the second month after the sale.
The accounts receivable balance at the end of the previous quarter was $89,000 ($59,000 of which was uncollected December sales).
a. Calculate the sales for November. (Do not round intermediate calculations. Enter your answer in whole dollars (e.g., 32).)
November sales $
b. Calculate the sales for December. (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)
December sales $
c. Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your final answers to 2 decimal places (e.g., 32.16).)
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