Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 18 Aug 2017 My Price 8.00

Kulp, Inc.

The following is the sales budget for Kulp, Inc., for the first quarter of 2012:

  January   February   March  
  Sales budget $ 212,000   $ 232,000   $ 255,000  
 

Credit sales are collected as follows:
70 percent in the month of the sale
15 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 $96,000 ($66,000 of which was uncollected December sales).
a. Calculate the sales for November.
  November sales $   
b. Calculate the sales for December. (Round your answer to 2 decimal places. (e.g., 32.16))
  December sales $   
c.

Calculate the cash collections from sales for each month from January through March. (Round your answers to 2 decimal places. (e.g., 32.16))
  Cash collections
  January $   
  February $   
  March $   

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 11:08 PM My Price 8.00

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