Refer to the Grippers sales budget that you prepared in S22-3. Now assume that Grippers’ sales are collected as follows:
November sales totaled $400,000 and December sales were $425,000.
50% in the month of the sale
30% in the month after the sale
18% two months after the sale
2% never collected
Requirement
1. Prepare a schedule for the budgeted cash collections for January and February. Round answers to the nearest dollar.