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Lightning-bug products company is preparing a cash receipts

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Reference no: EM131021152

Lightning-Bug Products Company is preparing a cash receipts schedule for the fourth quarter of 200X. Total sales for August and September of 200X are $130,000 and $110,000, respectively.

Budgeted sales for the fourth quarter of 200X follow:

 

Oct.

Nov.

Dec.

 

 

 

 

Budgeted total sales

$106,000

$125,000

$149,000

25% of sales are for cash; the remaining 75% are on account. Ten percent of the sales on account are collected in the month of sale, 70% in the month following the sale, and the remaining 20% in the second month following the sale. Lightning-Bug Products does not anticipate any uncollectible accounts.

Determine the cash collected in October:

$119,480
$112,080
$132,680
$111,700 

Reference no: EM131021152

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