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Fielding Corporation has found that 80% of its sales in any given month are credit...

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Accounting

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Fielding Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Fielding Corporation has experienced the following collection pattern: 25% received in the month of the we November sales for last year were $85,000, while December sales were $115.000. Projected sales for the next three months are as follows: January sales.................$ 180,000 February sales....... ..$ 120,000 Marche s.................$ 105,000 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) 50% received in the months after the sale 16% received two months after the sale 9% of the credit sales are never received rielumny corporation Cash Collections Budget For the Months of January through March January Cash sales Collections on credit sales: 25% Month of sale 50% Month after 16% Two months after Total cash collections

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