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Bentfield 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, Bentfield Corporation 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 Cash sales Collections on credit sales: 25% Month of sale 50% Month after 15% Two months after Total cash collections November sales for last year were $110,000, while December sales were $125,000. Projected sales for the next three months are as follows: January sales....... February sales March sales... $ 160,000 $ 130,000 170,000 Bentfield Corporation Cash Collections Budget For the Months of January through March January . $ 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.)

Bentfield 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, Bentfield Corporation 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 Cash sales Collections on credit sales: 25% Month of sale 50% Month after 15% Two months after Total cash collections November sales for last year were $110,000, while December sales were $125,000. Projected sales for the next three months are as follows: January sales....... February sales March sales... $ 160,000 $ 130,000 170,000 Bentfield Corporation Cash Collections Budget For the Months of January through March January . $ 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.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bentfield 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, Bentfield Corporation 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 Cash sales Collections on credit sales: 25% Month of sale 50% Month after 15% Two months after Total cash collections November sales for last year were $110,000, while December sales were $125,000. Projected sales for the next three months are as follows: January sales. February sales March sales. $ 160,000 $ 130,000 $ 170,000 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.) Bentfield Corporation Cash Collections Budget For the Months of January through March January
Transcribed Image Text:Bentfield 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, Bentfield Corporation 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 Cash sales Collections on credit sales: 25% Month of sale 50% Month after 15% Two months after Total cash collections November sales for last year were $110,000, while December sales were $125,000. Projected sales for the next three months are as follows: January sales. February sales March sales. $ 160,000 $ 130,000 $ 170,000 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.) Bentfield Corporation Cash Collections Budget For the Months of January through March January
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