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Techor Company has budgeted the following amounts for sales and purchases in Q3 of FY2021; July sales of $50,000 and purchases of $18,000 August sales
Techor Company has budgeted the following amounts for sales and purchases in Q3 of FY2021; July sales of $50,000 and purchases of $18,000 August sales of $75,000 and purchases of $22,000; and September sales of $80,000 and purchases of $20,000. Sales are collected in the month of the sale and payments for purchases are made in the month following the purchase. Selling expenses are 15% of sales and administrative expenses are 10% of sales. Both of these expenses are paid in the month of sale. Rent expense of $5,500 is paid monthly. Depreciation expense of $2,000 is recognized each month. What is the net amount (cash collections less cash expenditures) of cash collected in September
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