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Category > Accounting Posted 17 Aug 2017 My Price 9.00

Five Bros., Inc.

Cash Collections

e8A. Five Bros., Inc., is an automobile maintenance and repair company with outlets throughout the western United States. The company controller is starting to assemble the cash budget for the fourth quarter. Projected sales for the quarter follow.

 

 

 

October

on Account

$400,000

Cash

$190,000

November

690,000

220,000

December

750,000

245,000

Cash collection records pertaining to sales on account indicate the following collec- tion pattern:

 

Month of sale

40%

First month following sale

30%

Second month following sale

28%

Uncollectible

2%

 

 

 

 

 

 

 

 

Sales on account during August were $346,000. During September, sales on account  were $390,000.

Compute the amount of cash to be collected from customers during each month of the fourth quarter.

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 12:08 AM My Price 9.00

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