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Selinur Limited is formulating its master budget for the September quarter and has ascertained the following data: Monthly sales data: May (actual) $40,000 June (actual)
Selinur Limited is formulating its master budget for the September quarter and has ascertained the following data:
Monthly sales data:
May (actual) $40,000
June (actual) $50,000
July (budgeted) $71,000
August (budgeted) $60,000
September (budgeted) $55,000
Expected pattern of collection:
55% in the month of sale (subject to a 2% credit card fee)
35% in the month after sale
9% in the second month after sale
1% written off as bad debts
Calculate, to the nearest dollar, the amount that will be collected from customers in September
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