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