Anderson Corporation has found that 80% of its sales in any given month are credit...
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Anderson Corporation has found that 80% of its sales in any given month are credit sales, while the November sales for last year were $90,000, while December sales were $120,000. Projected remainder are cash sales. Of the credit sales, Anderson Corporation has experienced the following sales for the next three months are as follows: collection pattern: 25% received in the month of the sale 50% received in the month after the sale 22% received two months after the sale Requirement 3% of the credit sales are never received 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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