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Data regarding Johnsen Inc.'s forecasted dollar sales for the last seven months of the year and Johnsen's projected collection patterns are as follows. Forecasted Sales
Data regarding Johnsen Inc.'s forecasted dollar sales for the last seven months of the year and Johnsen's projected collection patterns are as follows. Forecasted Sales June July August September October November December 700,000 600,000 650,000 800,000 850,000 900,000 840,000 Types of sales Cash sales Credit sales 30% 70% Collection pattern on credit sales (5% determined to be uncollectible During the month of sale 20% During the first month following the sale 50% During the second month following the sale 25% Johnsen's budgeted cash receipts from sales and collections on account for September are (show your work for full credit)
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