Big Boats is a manufacturer of yachts dealing with high value customers in Southern Florida....
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Accounting
Big Boats is a manufacturer of yachts dealing with high value customers in Southern Florida. Based on experience, they anticipate cash collections to occur as outlined below:
25% in the month of the sale
50% in the month after the sale
23% two months after the sale
2% are written off as bad debts and will never be collected
Sales for the last three months are given below.
March
April
May
346,503
368,549
407,207
How much cash did Big Boats Collect during the month of May? Round your answer to the nearest whole number.
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