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Finmin Company has the following sales budget for the last six months of 2015: July August September $210,000 165,000 209,000 October November December $187,000 210,000
Finmin Company has the following sales budget for the last six months of 2015: July August September $210,000 165,000 209,000 October November December $187,000 210,000 185,000 Sales are immediately due, however the cash collection of sales, historically, has been as follows: 60% of sales collected in the month of sale, 30% of sales collected in the month following the sale, 9% of sales collected in the second month following the sale, and 1% of sales are uncollectible. Cash collections for September are $208,650 $193,800 $140,250 $174,900
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