Cash Collections Budget Assignment

Bentfield Corporation has found that 70% 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: November sales for last year were $100,000, while December sales were $110,000. Projected sales for the next three months are as follows: 20% received in the month of the sale 40% received in the month after the sale 24% received two months after the sale 16% of the credit sales are never received January sales… $ 155,000 February sales $ 115,000 March sales $ 190,000 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 24% Two months after Total cash collections. .