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Scottsdale Co. has actual sales for July and August and forecast sales for September, October, November, and December as follows: Actual: July $ 97,400 August
Scottsdale Co. has actual sales for July and August and forecast sales for September, October, November, and December as follows:
Actual: | |||
July | $ | 97,400 | |
August | 105,900 | ||
Forecast: | |||
September | 113,100 | ||
October | 94,400 | ||
November | 121,800 | ||
December | 107,500 | ||
Based on past experience, it is estimated that 28% of a months sales are collected in the month of sale, 51% are collected in the month following the sale, and 5% are collected in the second month following the sale. Required: Calculate the estimated cash receipts for September, October, and November.
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