QUESTION 4:

The following details have been extracted from the receivables collection records of C Co.

Invoices paid in the month after sale 60%

Invoices paid in the second month after sale 25%

Invoices paid in the third month after sale 12%

Bad debts 3%

Invoices are issued on the last day of each month.

Customers paying in the month after sale are entitled to deduct a 2% settlement discount. Credit sales values for June to September are budgeted as follows.

June	July	August	September
$35,000	$40,000	$60,000	$45,000

What is the amount budgeted to be received from credit sales in September? (show your working)