The following is the sales budget for Lemonis, Inc., for the first quarter of 2021: Credit sales

Question:

The following is the sales budget for Lemonis, Inc., for the first quarter of 2021:

Credit sales are collected as follows:

65 percent in the month of the sale.

20 percent in the month after the sale.

15 percent in the second month after the sale.

The accounts receivable balance at the end of the previous quarter was $81,000 ($59,000 of which was uncollected December sales).

a. Compute the sales for November.

b. Compute the sales for December.

c. Compute the cash collections from sales for each month from January through March.

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Fundamentals Of Corporate Finance

ISBN: 9781265553609

13th Edition

Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan

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Question Posted: Aug 24, 2021 06:47 AM

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The following is the sales budget for Lemonis, Inc., for the first quarter of 2021: Credit sales

Question:

January February March Sales budget $185,000 $203,000 $225,000

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Fundamentals Of Corporate Finance

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