(Answered) Question - calista gardens has gathered the following

Accounting

Question - Calista Gardens has gathered the following information regarding their cash collections of sales:

80% of the sales are collected in cash in the month of the sale.

20% are collected in the first month after the sale.

Accounts receivable at the end of 2014 was $10,000.

Sales for the first 3 months of 2015 are as follows:

January 35,000

February 25,000

March 50,000

Total 110,000

Prepare a monthly schedule of cash collections for Calista Gardens for January, February and March for the first quarter of 2015.

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