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1. Franklin Corporation has the following sales budgets for the fourth quarter. Cash sales Credit sales October $580,400 $232,900 November 624,800 344,000 December 806,900 398,700
1. Franklin Corporation has the following sales budgets for the fourth quarter.
| Cash sales | Credit sales |
October | $580,400 | $232,900 |
November | 624,800 | 344,000 |
December | 806,900 | 398,700 |
The accounting manager has analyzed cash collections and determined that credit sales are collected 70% in the month of sale, 20% in the month following the sale, and 10% uncollectible. How much cash will Franklin collect in November?
A) $912,180
B) $865,600
C) $693,600
D) $787,830
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