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Author Question: Freemore Company has the following sales budget for the last six months of 2018: ... (Read 154 times)

jake

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on: Mar 6, 2021
Freemore Company has the following sales budget for the last six months of 2018:

July$205,000October$187,000
August  168,000November   200,000
September 205,000December  182,000

Sales are immediately due, however the cash collection of sales, historically, has been as follows:
 55% of sales collected in the month of sale,
 35% of sales collected in the month following the sale,
 7% of sales collected in the second month following the sale, and
 3% of sales are uncollectible.

Cash collections for October are ________.
◦ $102,850
◦ $186,360
◦ $199,450
◦ $181,390
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by jake on Mar 6, 2021

zoeyesther

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Reply #1 on: Mar 6, 2021
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jake

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Reply 2 on: Mar 6, 2021
Thanks for the timely response, appreciate it

lkanara2

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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