Homework Answers
Total sales in November 2007 = 40000 / 10% = 400000
Total sales in December 2007 = 180000 / 40% = 450000
Cash collections in first quarter 2008 calculations:
| January | February | March | Total | |
| Budgeted sales | 500000 | 700000 | 1800000 | 3000000 |
| Collection details: | ||||
| 60% collection in the month of sale | 300000 | 420000 | 1080000 | 1800000 |
| 30% in month following sale | 135000 | 150000 | 210000 | 495000 |
| 8% in second month following sale | 32000 | 36000 | 40000 | 108000 |
| Cash discount given on 60% collection | -6000 | -8400 | -21600 | -36000 |
| Total Collections during the first quarter of 2008 | 461000 | 597600 | 1308400 | 2367000 |
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