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E9-28A (similar to) Question Help Smith Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Smith Corporation has experienced the following collection pattern: November sales for last year were $80,000, while December sales were $120,000. Projected sales for the next three months are as follows: January sales. $ 155,000 25% received in the month of the sale 50% received in the month after the sale 18% received two months after the sale 7% of the credit sales are never received February sales $ 130,000 March sales $ 195,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar) Smith Corporation Cash Collections Budget For the Months of January through March January Cash sales Collections on credit sales: 25% Month of sale 50% Month after 18% Two months after Total cash collections