Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Finn Company has the following sales budget budget for the last six months of 2015: July $200,000 October $180,000 August 160,000 November 200,000 September 200,000
Finn Company has the following sales budget budget for the last six months of 2015:
July $200,000 October $180,000
August 160,000 November 200,000
September 200,000 December 180,000
Sales are immediately due, however the cash collection of sales, historically, has been as follows:
65% of sales are collected in the month of sales
25% of sales are collected in the month following the sale
8% of sales are collected in the second month following the sale
2% are uncollectible
Cash collection for September are ___________.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started