Coyote Loco, Inc., a distributor of salsa, has the following historical collection pattern for its...
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Accounting
Coyote Loco, Inc., a distributor of salsa, has the following historical collection pattern for its credit sales 60 percent collected in the month of sale 20 percent collected in the first month after sale 15 percent collected in the second month after sale 4 percent collected in the third month after sale 1 percent uncollectible The sales on account have been budgeted for the last seven months as follows June July August September October November December 131,000 158,500 183,500 217,000 242,000 267,000 229,500 Required 1. Compute the estimated total cash collections during October from credit sales 2. Compute the estimated total cash collections during the fourth quarter from sales made on account during the fourth quarter 1. Total cash collections$ 222,465 2. Total cash collections
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