Question
Fiscal Company has the following sales budget for the last six months of 2023: July $100,000 August 80,000 September 110,000 October 90,000 November 100,000 December
Fiscal Company has the following sales budget for the last six months of 2023:
July $100,000
August 80,000
September 110,000
October 90,000
November 100,000
December 94,000
Historically, the cash collection of sales has been as follows:
65 percent of sales collected in month of sale,
25 percent of sales collected in month following sale,
8 percent of sales collected in second month following sale, and
2 percent of sales are uncollectible.
Prepare a schedule of cash collections for October, November, and December of 2023. Make sure to include totals.
October | November | December |
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