Question
For credit, you must show your calculations for this problem. The following sales budget has been prepared: Month Cash Sales Credit Sales September $100,000 $220,000
For credit, you must show your calculations for this problem.
The following sales budget has been prepared: Month Cash Sales Credit Sales September $100,000 $220,000 October $115,000 $190,000 November $120,000 $200,000 December $135,000 $180,000 Collections of credit sales are 50% in the month of sale, 40% in the month following sale, and 10% two months following sale. No uncollectible accounts are expected.
What are the estimated cash collections in November?
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Petroleum Accounting: Principles, Procedures; And Issues
Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou
8th Edition
0940966328, 978-0940966321
