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Calculate the estimated total cash receipts

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Question - ABC Ltd is a retailer of ladies' fashion and has the following historical collection pattern for its credit sales:

65 percent collected in the month of sale

15 percent collected in the first-month after-sale

10 percent collected in the second-month after-sale

5 percent collected in the third-month after-sale

5 percent uncollectable.

The credit sales have been budgeted for the last seven months of the year, as shown below:

June $225,000

July 240,000

August 250,000

September 260,000

October 280,000

November 300,000

December 225,000

Calculate the estimated total cash receipts during December from credit sales.

a. None of the answers given

b. $290000

c. $244,000

d. $260,000

Reference no: EM133013875

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