General Corporation has found that 60% of its sales in any given month are credit sales, while
Question:
General Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, the company has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 15% received two months after the sale 10% of the credit sales are never received
November sales for last year were $ 85,000, while December sales were $ 110,000. Projected sales for the next three months are as follows:
Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter.
January sales........................................................................................................... $ 145,000 February sales......................................................................................................... $ 115,000 March sales.............................................................................................................. $ 175,000
Corporation A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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