Question: answer question 1 in details Ladysmith Enterprises sells on credit and for cash. Cash sales account for 25% of its total sales. Ladysmith's collection pattern

answer question 1 in details Ladysmith Enterprises sells on credit and

answer question 1 in details

Ladysmith Enterprises sells on credit and for cash. Cash sales account for 25% of its total sales. Ladysmith's collection pattern for credit sales is as follows: - 40% are collected in the month of sale, - 36% are collected in the month following the sale, - 24% are collected in the second month following the sale. Sales for March are expected to be $330,000. The acuounts receivable balance at February 28 is $190,350. Of that amount, $141,750 represents the balance due on February credit sales. There are no receivables from months prior to January as the company only started operating in January. REQUIRED a. What were January's total sales? ( 5 marks) b. Calculate February's cash sales. (5 marks) c. Estimate March's total cash collections

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