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Luke ltd is preparing its budget for the last quarter of 2012. For each month,...

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Accounting

Luke ltd is preparing its budget for the last quarter of 2012. For each month, 25% of sales are on credit. Collection for credit sales is expected to be as follows: 

In month of sale 60% 

1 month after sale 30% 

2 months after sale 10% 

Sales for the final quarter of 2012 are expected to be: 

October $30,000 

November $15,000 

December $35,000 

Accounts receivable at September 2012 were $10,000. 

Calculate the estimated cash collections for December.



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