Braxton Wholesalers has found that 76% of its sales in any given month are credit sales,...
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Braxton Wholesalers has found that 76% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Braxton Wholesalers has experienced the following collection pattern: 24% paid in the month of the sale 48% paid in the month after the sale 18% paid two months after the sale 10% of the sales are never collected (Round your answers to the nearest whole dollar.) Braxton Wholesalers Cash Collections Budget For the Months of January through March January February March Quarter Cash sales Collections on credit sales: 24% Month of sale 48% Month after 18% Two months after Total cash collections 38880 29549 30240 42480 November sales for last year were $77,000, while December sales were $122,000. Projected sales for the next three months are as follows: January sales. 162,000 126,000 February sales. March sales $ 177,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. Braxton Wholesalers has found that 76% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Braxton Wholesalers has experienced the following collection pattern: 24% paid in the month of the sale 48% paid in the month after the sale 18% paid two months after the sale 10% of the sales are never collected (Round your answers to the nearest whole dollar.) Braxton Wholesalers Cash Collections Budget For the Months of January through March January February March Quarter Cash sales Collections on credit sales: 24% Month of sale 48% Month after 18% Two months after Total cash collections 38880 29549 30240 42480 November sales for last year were $77,000, while December sales were $122,000. Projected sales for the next three months are as follows: January sales. 162,000 126,000 February sales. March sales $ 177,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter.
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Answer Prepare a cash collection budget for the first quarte... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0176223311
1st Canadian Edition
Authors: Karen Wilken Braun, Wendy Tietz, Walter Harrison, Rhonda Pyp
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