Question

Use the following information to answer the next 5 questions

Lash Corporation has the following sales budget for the last half of 2000:

(Assume all credit sales)

July $100,000 October $90,000

August 80,000 November 100,000

September 110,000 December 94,000

Historically, the cash collection of sales has been as follows:

65 percent of sales collected in month of sale,

25 percent of sales collected in month following sale, and

10 percent of sales collected in second month following sale.

1.What is accounts receivable at September 30?