Exercise 23.8 Budgeting Cash Receipts (LO23-4, LO23-5)

Sales on account for the first two months of the current year are budgeted as follows.

January	$	891,000
February		341,000

All sales are made on terms of 2/10, n/30 (2 percent discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows.

Collections within the month of sale:
Within discount period	60	%
After discount period	15
Collections within the month following sale:
Within discount period	15
After discount period	7
Returns, allowances, and uncollectibles	3
Total	100	%

Compute the estimated cash collections on accounts receivable for the month of February.

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