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Minicase 8 Budgets Sunshine Corporation has found that 60% of its sales in any given...

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Minicase 8 Budgets Sunshine 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, the company has experienced the following collection pattern 25% received in the month of the sale 50% received in the month after the sale 15% received two months after the sale 10% of the credit sales are never received November sales for last year were $85,000, while December sales were $110,000. Projected sales for the next three months are as follows 145,000 GN January sales 115,000 February sales 175,000 March sales Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the guarter

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