Martinez Corporation's sales of gizmos are 25% for cash and 75% on credit. Past collection history indicates that credit sales are collected as follows: Month of Sale Month After Sale Second Month After Sale Uncollectible 30% 50% 15% 5% In January, sales were $80,000 and February sales were $70,000. Projected sales for March are 3,000 gizmos at $13 each. Projected sales for April are 4,000 gizmos at $14 each. Calculate the budgeted cash collections for April.

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Martinez Corporation's sales of gizmos are 25% for cash and 75% on credit

Management Dec 08, 2020

Martinez Corporation's sales of gizmos are 25% for cash and 75% on credit. Past collection history indicates that credit sales are collected as follows:

Month of Sale

Month After Sale

Second Month After Sale

Uncollectible

30%

50%

15%

In January, sales were $80,000 and February sales were $70,000. Projected sales for March are 3,000 gizmos at $13 each. Projected sales for April are 4,000 gizmos at $14 each. Calculate the budgeted cash collections for April.

Expert Solution

So, budgeted cash collections for April is 49,100.

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