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Question: The following is the sales budget for

The following is the sales budget for Lemonis, Inc., for the first quarter of 2021:
The following is the sales budget for Lemonis, Inc., for the first quarter of 2021:


Credit sales are collected as follows:
65 percent in the month of the sale.
20 percent in the month after the sale.
15 percent in the second month after the sale.
The accounts receivable balance at the end of the previous quarter was $81,000 ($59,000 of which was uncollected December sales).
a. Compute the sales for November.
b. Compute the sales for December.
c. Compute the cash collections from sales for each month from January through March.

Credit sales are collected as follows: 65 percent in the month of the sale. 20 percent in the month after the sale. 15 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $81,000 ($59,000 of which was uncollected December sales). a. Compute the sales for November. b. Compute the sales for December. c. Compute the cash collections from sales for each month from January through March.


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