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Yung Reeds, a manufacturer...

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Accounting

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Yung Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $896,000 in October 5962,000 in November. $1,025,000 in December, and $920,000 in January. Yung's sales are 20% cash and 80% credit. The company's collection history indicates that credit sales are collected as follows: 25% in the month of the sale 65% in the month after the sale 8% two months after the sale 2% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar. October November December January Cash sales Credit sales Total sales Show and hide content Requirement 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar ++++ December January Cash sales Collection of credit sales: 25% of current month credit sales 65% of prior month credit sales Show and hide content 8% of credit sales two months ago 8% of credit sales two months ago Total collection of credit sales otal cash collections

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