Question 3

Use the following information to answer questions 3 and 4: Mitchell Company has the following budgeted sales for the last of next year The company is in the process of preparing a cash budget and must determine the expected cash collections this end, the following information has been assembled: Collections on credit sales: 50% in month of sale 30% in month following sale 20% in second month following sale The total cash receipts during November would be choose the closest answer): $2.36, 500 $229, 500 $169, 500 $242,000 $324, 500