Northern sales are all credit sales. Past collection history indicates that credit sales are collected as follows: 10% in the month of sale 70% in the month following sale 20% in the second month following sale For the upcoming year, sales are budgeted to be as follows: July $90,000 August $100,000 September $80,000 Calculation Collected in Sept July Sales Collected August Sales Collected September Sales Collected Total How much willcash collectionsbefor September? $0 $16,000 $96,000
Northern sales are all credit sales. Past collection history indicates that credit sales are collected as follows: 10% in the month of sale 70% in the month following sale 20% in the second month following sale For the upcoming year, sales are budgeted to be as follows: July $90,000 August $100,000 September $80,000 Calculation Collected in Sept July Sales Collected August Sales Collected September Sales Collected Total How much willcash collectionsbefor September? $0 $16,000 $96,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Help me please
![Northern sales are all credit sales. Past collection history indicates that credit sales are collected as
follows:
10% in the month of sale
70% in the month following sale
20% in the second month following sale
For the upcoming year, sales are budgeted to be as follows:
July $90,000
August $100,000
September $80,000
Calculation
|Collected in Sept
July Sales Collected
August Sales Collected
September Sales Collected
Total
How much willcash collectionsbefor September?
$0
$16,000
$96,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97c245bf-e939-47f9-92de-2cba5561e31f%2Fede977a6-24fa-4ff5-a2c5-31ae44471493%2F6fmub7g_processed.png&w=3840&q=75)
Transcribed Image Text:Northern sales are all credit sales. Past collection history indicates that credit sales are collected as
follows:
10% in the month of sale
70% in the month following sale
20% in the second month following sale
For the upcoming year, sales are budgeted to be as follows:
July $90,000
August $100,000
September $80,000
Calculation
|Collected in Sept
July Sales Collected
August Sales Collected
September Sales Collected
Total
How much willcash collectionsbefor September?
$0
$16,000
$96,000
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