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All of Porter Corporation's sales are on account. Sixty percent of the credit sales are collected in the month of sale, 25% in the month
All of Porter Corporation's sales are on account. Sixty percent of the credit sales are collected in the month of sale, 25% in the month following sale, and 10% in the second month following sale. The remainder are uncollectible. The following are budgeted sales data for the company:
January February March April Total sales $552,000 $654,000 $670,000 $730,000
Cash receipts in April are expected to be:
$438,000
$605,500
$670,900
$232,900
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