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R.E.M., Inc. has a cash collection pattern as follows: 30% in the month of sale, 50% in the next month, 18% in the second month after the sale, and 2% uncollectible. Accounts receivable on January 1, 2020 is $40,000 and only represents sales from December, the first month in which the company was in business.
The forecast sales for the first half of 2020 is:
January $100,000
April $140,000
February 90,000
May 150,000
March 120,000
June 160,000
Question 1: Cash collections expected during the month of February
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