QUESTION 7 Freemore Company has the following sales budget for the last six months of...
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QUESTION 7 Freemore Company has the following sales budget for the last six months of 2018: July $204,000 October $180,000 August 170,000 November 201,000 September 205,000 December 180,000 Sales are immediately due, however the cash collection of sales, historically, has been as follows: 55% of sales collected in the month of sale, 35% of sales collected in the month following the sale, 7% of sales collected in the second month following the sale, and 3% of sales are uncollectible. What is the ending balance of accounts receivable for the end of September, assuming uncollectible balances are written off at the end of the second month following the sale? $109,250 $113,375 $260,550 O $134,070
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