A consultancy firm has two types of clients, small and large. 62% of clients are...
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Accounting
A consultancy firm has two types of clients, small and large. 62% of clients are small. Historical patterns of billing receipts are presented as follows: Small clients Large clients During month of service 20% 10% During month following service 50% 40% During the second month following service 20% 40% Uncollectable 10% 10% Sales forecast for the second half of the year is as follows: Month Estimated amount July $4,500,000 August 5,000,000 September 5,500,000 October 5,700,000 November 5,800,000 December 5,500,000 What is the expected amount of cash received in december?
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