Exercise 22-17 Your answer is partially correct. Try again. Nieto Company's budgeted sales and direct...
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Exercise 22-17 Your answer is partially correct. Try again. Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales January February March $274,000 244,200 261,800 Budgeted D.M. Purchases $37,200 38,100 40,200 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers March Collection of January credit sales 69048 Collection of February credit sales 85470 X Collection of March credit sales 78540 X March cash sales 18326 Total collections 251384
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