Please use formulas and cell references

1 The Master Budget 2 Cash collections budget 4 Kessler Service anticipates the following sales revenue over a five-month period: 5 6 7 Sales revenue November $16,500 December $11,200 January $15,200 February $13,200 March $14,400 70 71 9 The company's sales are 30% cash 70% credit 14 15 13 Its collection history indicates that credit sales are collected as follows: 25% in the month of the sale 50% in the month after the sale 20% two months after the sale 5% are never collected 16 77 18 19 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you 20 will be marked wrong. 21 22 Requirement 23 How much cash will be collected in January? In February? In March? For the quarter in total? 24 (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) March 1st Quarter Kessler Service Cash Collections Budget For the Quarter Ended March 31 Month January February Cash sales in current month | Collection on credit sales: 25% of credit sales made in current month 50% of credit sales made one month ago 20% of credit sales made two months ago Total cash collections