MonetteMonette Corporation has found that 6060?% of its sales in any given month are credit? sales,...

MonetteMonette

Corporation has found that

6060?%

of its sales in any given month are credit? sales, while the remainder are cash sales. Of the credit? sales,

MonetteMonette

Corporation has experienced the following collection? pattern:

	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

November sales for last year were

$ 85 comma 000$85,000?,

while December sales were

$ 115 comma 000$115,000.

Projected sales for the next three months are as? follows:

January sales. . . . . . . . . . . . . . . .	$160,000
February sales. . . . . . . . . . . . . . .	$125,000
March sales. . . . . . . . . . . . . . . . .	$165,000

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.)

Monette 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

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Expert Solution

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keosha answered 1 month ago

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