The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2022:...
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The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2022: Credit sales are collected as follows: 55 percent in the month of the sale. 25 percent in the month after the sale. 20 percent in the second month after the sale. The accounts recelvable balance at the end of the previous quarter was $121,100($87,300 of which was uncollected December sales). a. Compute the sales for November. Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. b. Compute the sales for December. Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. c. Compute the cash collections from sales for each month from January through March. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32
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