The following is the sales budget for shleifer

Reference no: EM131016398

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).)

	Cash collections
January	$
February	$
March	$

Reference no: EM131016398

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