Question
36) Freemore Company has the following sales budget for the last six months of 2018: July August $205,000 168,000 September 205,000 October November December
36) Freemore Company has the following sales budget for the last six months of 2018: July August $205,000 168,000 September 205,000 October November December $187,000 200,000 182,000 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. Cash collections for October are A) $199,450 B) $186,360 C) $102,850 D) $181,390
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