Homework: Ch. 11. Master Budget Score: 0 of 1 pt X E9-27A (similar to Lacht Corp

ID: 2561268 • Letter: H

Question

Homework: Ch. 11. Master Budget Score: 0 of 1 pt X E9-27A (similar to Lacht Corporation has found that 80% of its sales in any given 60f 8 (7 complete) HW Score: 40.01 %, 3.2 of 8 pts Question Help November sales for last year were $85,000, while December sales were $110,000. Projected sales for the next three months are as follows: January sales February sales... $ 115,000 month are credit sales, while the remainder are cash sales. Of the credit sales, LaChut S 155,000 .. n the 50% received in the month after the sale 20% received two months after the sale $ 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.) LaChut Corporation Cash Collections Budget of 25% Month of sale 50% Month after Total cash collections

Explanation / Answer

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Month

Sales

Credit sale 80%

Cash sale 20%

Nov

85000

68000

17000

34000

13600

3400

Dec

110000

88000

22000

44000

17600

4400

Jan

155000

124000

31000

62000

24800

6200

Feb

115000

92000

23000

46000

18400

4600

Mar

165000

132000

33000

66000

26400

6600

Total

88600

106000

108200

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun