Following is the sales budget for Coore, Inc., for the first quarter of 2019.

January February March
Sales budget $168,000 $186,000 $199,000

Credit sales are collected as follows:

65 percent in the month of the sale.
20 percent in the month after the sale.
15 percent in the second month after the sale.

The accounts receivable balance at the end of the previous quarter was $107,000 ($78,100 of which was uncollected December sales)

Requried:
a. Compute the sales for November.
b. Compute the sales for December.
c. Compute the cash collections from sales for each month from January through March.

Question

03-06-2021
Business

Answered

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Following is the sales budget for Coore, Inc., for the first quarter of 2019.

January February March
Sales budget $168,000 $186,000 $199,000

Credit sales are collected as follows:

65 percent in the month of the sale.
20 percent in the month after the sale.
15 percent in the second month after the sale.

The accounts receivable balance at the end of the previous quarter was $107,000 ($78,100 of which was uncollected December sales)

Requried:
a. Compute the sales for November.
b. Compute the sales for December.
c. Compute the cash collections from sales for each month from January through March.

Sagot :

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amcool amcool · Answer 1 · 2021-06-06T20:51:19-04:00

Answer:

a. Sales for November = $192,666.67

b. Sales for December = $312,400,00

c. Total cash collections are as follows:

January = $200,580

February = $201,360

March = $191,750

Explanation:

a. Compute the sales for November.

Sales for November = (Accounts receivable balance at the end of the previous quarter - Uncollected sales from December) / Collection rate two months after the sale = ($107,000 - $78,100) / 15% = $192,666.67

b. Compute the sales for December.

Sales for December = Uncollected sales from December / (Collection rate one months after the sale + Collection rate two months after the sale) = $78,100 / (10% + 15%) = $312,400,00

c. Compute the cash collections from sales for each month from January through March.

Note: See the attached excel file for the schedule of cash collections from sales for each month from January through March.

From the attached excel file, total cash collections are as follows:

January = $200,580

February = $201,360

March = $191,750

Sagot :

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