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Estimate the monthly cash collections for august

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Logan Township acquired its water system from a private company on June 1. No receivables were acquired with the purchase. Therefore, total accounts receivable on June 1 had a zero balance.

  • Logan plans to bill customers during the month of sale, and 70% of the resulting billings will be collected during the same month. 90% of the remaining balance should be collectable in the next following month. The remaining uncollectible amounts will relate to citizens who have moved away. Such amounts are never expected to be collected and will be written off.
  • Water sales during June are estimated at $3,000,000 and remain the same in July and August.

Problem 1: Estimate the monthly cash collections for August.

Reference no: EM132746075

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