All-Season Gloves Ltd. finished December 2010 with a balance of $450,000 in its accounts receivable. January's sales are forecast to be $560,000 (90% on credit) and are expected to grow by 2% per month for the entire year. Assume all amounts are collected in the month following the sale.
Required:
Calculate the sales, the ending balance in accounts receivable, and the cash received for each month in 2011.