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Freemore Company has the following sales budget for the last six months of 2018: July $205,000 October $187,000 August 168,000 November 200,000 September 205,000 December 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 $181,390 O $199,450 $186,360 $102,850

Freemore Company has the following sales budget for the last six months of 2018: July $205,000 October $187,000 August 168,000 November 200,000 September 205,000 December 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 $181,390 O $199,450 $186,360 $102,850

FINANCIAL ACCOUNTING
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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Question 10 0.1 pts Freemore Company has the following sales budget for the last six months of 2018: July $205,000 October $187,000 August 168,000 November 200,000 September 205,000 December 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 $181,390 $199,450 $186,360 $102,850
Transcribed Image Text:Question 10 0.1 pts Freemore Company has the following sales budget for the last six months of 2018: July $205,000 October $187,000 August 168,000 November 200,000 September 205,000 December 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 $181,390 $199,450 $186,360 $102,850
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