Business, 21.04.2020 20:07 smckinney6139

Holiday Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Holiday Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received November sales for last year were $ 90 comma 000, while December sales were $ 115 comma 000. Projected sales for the next three months are as follows: January sales. . . . . . . . . . . . . . . . $145,000 February sales. . . . . . . . . . . . . . . $125,000 March sales. . . . . . . . . . . . . . . . . $180,000 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.)

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Answer from: mochoa4

Total Cash Collection Budget Jan $ 74890

Total Cash Collection Budget Feb $ 73290

Total Cash Collection Budget Mar $ 78420

Total Cash Collection Budget Quarter $ 226600

Explanation:

Holiday Corporation

Cash Collection Schedule

November December January February March

Sales $ 90,000 $115,000 $145,000 $ 125,000 $ 180,000

Credit Sales 60% 60% 60% 60% 60%

Credit Sales 54000 69,000 87,000 75,000 108,000

Collections 25% 50% 16%

November 13,500 27000 8640

$115,000 25% 50% 16%

December 17,250 34,500 11040

$145,000 25% 50% 16%

January 21750 43500 13920

125,000 25% 50%

February 18750 37500

108,000 25%

March 27000

Total 74890 73290 78420

We calculate the amounts with the given percentages 25% in the first month 50% in the second and 16% in the third and get the above figures.

Holiday Corporation

Cash Collection Budget

January February March Total

Sales $ $145,000 $ 125,000 $ 180,000

Credit Sales 60% 60% 60%

Credit Sales 87,000 75,000 108,000 270,000

Collections

November 8640

December 34,500 11040

January 21750 43500 13920

February 18750 37500

March 27000

Total 74890 73290 78420 226600

Answer from: Quest

explanation:

kool beans

Answer from: Quest

Is this supposed to be a question or a protest

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Holiday Corporation has found that 60% of its sales in any given month are credit sales, while the r...