Reference no: EM131013641
The following is the sales budget for Shleifer, Inc., for the first quarter of 2013:
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January
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February
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March
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Sales budget
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$
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205,000
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$
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225,000
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$
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248,000
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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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