Exercise 14-13 (Algo) Cash receipts budget LO 14-4, 14-7 Brooklyn Studios sales are all made...
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Accounting
Exercise 14-13 (Algo) Cash receipts budget LO 14-4, 14-7
Brooklyn Studios sales are all made on account. The firms collection experience has been that 30% of a months sales are collected in the month the sale is made, 50% are collected in the month following the sale, and 18% are collected in the second month following the sale. The sales forecast for the months of September through December is as follows:
September
$ 237,000
October
276,000
November
320,000
December
355,000
Required:
Calculate the cash collections that would be included in the cash budgets for November and December.
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