The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2021: January February
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Question:
- The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2021:
- January February March
- $ 199,000 $ 219,000 $ 242,000
- Credit sales are collected as follows:
- 60 percent in the month of the sale. 30 percent in the month after the sale. 10 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $83,000 ($53,000 of which was uncollected December sales).
- a. Calculate the sales for November. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b. Calculate the sales for December. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
- c. Calculate the cash collections from sales for each month from January through March.
Related Book For
Management Accounting
ISBN: 9781760421144
7th Edition
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton
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