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Calculate Towing Companys budgeted cash collections

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Reference no: EM132514223

Question - Towing Company has budgeted sales for the next six months as follows:

 

Sales for Cash

Sales on Account

May

$42,000

$257,000

June

$37,000

$243,000

July

$29,000

$238,000

August

$48,000

$296,000

September

$52,000

$251,000

October

$45,000

$263,000

On average, 32% of the sales on account are collected in the month of sale, 40% are collected in the month following sale, 16% are collected in the second month following sale, 8% are collected in the third month following sale, and the remaining 4% is collected four months after the month of sale. Calculate Towing Company's budgeted cash collections for September.

Reference no: EM132514223

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