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On October 1 of the current year, Malone Corporation prepared a cash budget for October,...

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Accounting

On October 1 of the current year, Malone Corporation prepared a cash budget for October, November, and December. All of Malone's sales are made on account. The following information was used in preparing estimated cash collections:

August sales (actual) $ 36,000
September sales (actual) $ 46,000
October sales (estimated) $ 23,000
November sales (estimated) $ 66,000
December sales (estimated) $ 56,000

Approximately 70% of all sales are collected in the month of the sale, 25% is collected in the following month, and 5% is collected in the month thereafter.

Budgeted collections from customers in November total:

Multiple Choice

  • $135,000.

  • $54,250.

  • $51,950.

  • $58,850.

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