Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Freemore Company has the following sales budget for the last six months of 2018: July $209,000 October $188,000 209,000 168,000 November August September 200,000 December

image text in transcribed

Freemore Company has the following sales budget for the last six months of 2018: July $209,000 October $188,000 209,000 168,000 November August September 200,000 December 183,000 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 October are O A. $204,000 B. $186,120 O C. $187,920 O D. $112,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Total Quality Auditing

Authors: Amanda Jo Erven

1st Edition

1733784306, 978-1733784306

More Books

Students also viewed these Accounting questions