The sales budget for your company in the coming year is based on a quarterly...
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Accounting
The sales budget for your company in the coming year is based on a quarterly growth rate of 20 percent with the first-quarter sales projection at $227 million. In addition to this basic trend, the seasonal adjustments for the four quarters are 0, $18, $10, and $23 million, respectively. Generally, 50 percent of the sales can be collected within the quarter and 45 percent in the following quarter; the rest of the sales are bad debt. The bad debts are written off in the second quarter after the sales are made. The beginning accounts receivable balance is $106 million. Assuming all sales are on credit, compute the cash collections from sales for each quarter. (Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, to the nearest whole number, e.g., 1,234,567.) Quarter 1 Quarter 2 Quarter 3 Quarter 4
Collected within quarter
Collection from previous quarter
Cash collections from sales
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