Refer to the Grippers sales budget that you prepared in Short Exercise S22A- 15. Now assume that Grippers’ sales are collected as follows:
50% in the month of the sale
30% in the month after the sale
18% two months after the sale
2% never collected
November sales totaled $ 400,000 and December sales were $ 425,000. Prepare a schedule for the budgeted cash receipts from customers for January and February.
Round answers to the nearest dollar.