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Justin Company's budget includes the following credit sales for the current year: September, $45,000; October, $56,000; November, $50,000; December, $52,000. Experience has shown that payment
Justin Company's budget includes the following credit sales for the current year: September, $45,000; October, $56,000; November, $50,000; December, $52,000. Experience has shown that payment for the credit sales is received as follows: 10% in the month of sale, 65% in the first month after sale, 23% in the second month after sale, and 2% is uncollectible. How much cash can Justin Company expect to collect in November as a result of current and past credit sales? $49,150. $54,550. $51,750. $50,000. $40,350.
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