Brooklyn Studio's sales are all made on account. The firm's collection experience has been that 29% of a month's sales are collected in the month the sale is made, 52% are collected in the month following the sale, and 17% are collected in the second month following the sale. The sales forecast for the months of September through December is as follows: September October November December $ 236,000 285,000 307,000 369,000 Required: Calculate the cash collections that would be included in the cash budgets for November and December. November December Cash Collections

Brooklyn Studio's sales are all made on account. The firm's collection experience has been that 29% of a month's sales are collected in the month the sale is made, 52% are collected in the month following the sale, and 17% are collected in the second month following the sale. The sales forecast for the months of September through December is as follows: September October November December $ 236,000 285,000 307,000 369,000 Required: Calculate the cash collections that would be included in the cash budgets for November and December. November December Cash Collections

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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