The Kennel Antique Mall budgeted credit sales in the first quarter of 2021 to be as follows:

January		$134,400
February		142,800
March		152,800

Credit sales in December 2020 are expected to be $168,000. The company expects to collect 75 percent of a month’s sales in the month of sale and 25 percent in the following month.

Estimate cash receipts for each month of the first quarter of 2021.

Collection of credit sales	January		February		March
Collection of December sales	$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Collection of January sales	enter a dollar amount		enter a dollar amount		enter a dollar amount
Collection of February sales	enter a dollar amount		enter a dollar amount		enter a dollar amount
Collection of March sales	enter a dollar amount		enter a dollar amount		enter a dollar amount
	$enter a total dollar amount		$enter a total dollar amount		$enter a total dollar amount

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Credit sales in December 2020 are expected to be $168,000. The company expects to collect 75 percent of a month’s sales in the month of sale and 25 percent in the following month.

Estimate cash receipts for each month of the first quarter of 2021.

Answer rating: 100% (QA)

Collection of credit sales January February March Collection of December sales 42000 Coll... View the full answer