(1)
In February:
budgeted cash receipts on account of:
cash sale = $235000 x 40% = $94000
credit sale for month February = ($235000 x 60%) x 10% = $14100
Credit sale for month January = ($190000 x 60%) x 90% = $102600
Therefore,
total budgeted cash receipts = $210700
(2)
In March:
budgeted cash receipts on account of:
cash sale = $315000 x 40% = $126000
credit sale for month March = ($315000 x 60%) x 10% = $18900
Credit sale for month February = ($235000 x 60%) x 90% = $126900
Therefore,
total budgeted cash receipts = $271800
Getty Company expects sales for the first three months of next year to be $190,000, $235,000...
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