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Prepare a cash collections budget for the first quarter, with a column for each month...

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Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter.

November sales for last year were $80,000, while December sales were $115,000. Projected sales for the next three months are as follows: Bentfield 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, Bentfield Corporation has experienced the following collection pattern: 20% received in the month of the sale 40% received in the month after the sale 25% received two months after the sale 15% of the credit sales are never received January sales $ 155,000 February sales $ 135,000 March sales $ 180,000 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 Cash sales Collections on credit sales: 20% Month of sale 40% Month after 25% Two months after Total cash collections

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