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The management team of Perez Modems, Inc. (PMI) wants to investigate the effect of several different growth rates on sales and cash receipts Cash sales for the month of January are expected to be $120,000. Credit sales for January are expected to be $600,000. PMI collects 100 percent of credit sales in the month following the month of sale Assume a beginning balance in accounts receivable of $576,000 Required Calculate the amount of sales and cash receipts for the months of February and March assuming a growth rate of 2 percent and 4 percent. The results at a growth rate of 1 percent are shown as an example, Sales Budget Jan Feb Cash sales $120,000 $121,200 $122, 412 Sales on account 600,000 606,000 612,060 Total budgeted sales $720,000 $727,200 $734,472 Schedule of Cash Receipts Current cash sales $120,000 $121,200 $122,412 Plus collections from accounts receivable 576,000 600,000 606,000 Total budgeted collections $696,000 $721,200 $728, 412 Mar Use the following forms, assuming a growth rate of 2 percent and 4 percent 2 percent 4 percent Calculate the amount of sales and cash receipts for the months of February and March assuming a growth rate of 2 percent. Sales Budget Growth rate of 2% Feb Cash sales $ 120,000 Sales on account Total budgeted sales $ 120,000 Jan Mar 600,000 Schedule of Cash Receipts Current cash sales $ 120,000 Plus collections from accounts receivable 576,000 Total budgeted collections $ 696,000 2 percent 4 percent Calculate the amount of sales and cash receipts for the months of February and March assuming a growth rate of 4 percent. Sales Budget Growth rate of 4% Feb Mar $ Cash sales Sales on account Total budgeted sales Jan 120,000 600,000 720,000 $ Schedule of Cash Receipts Current cash sales S 120,000 Plus collections from accounts receivable 576,000 Total budgeted collections $ 696,000