The sales budget of mulls company for the fourth quarter of

The sales budget of mulls company for the fourth quarter of

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Reference no: EM13355578

The sales budget of Mulls Company for the fourth quarter of 2009 is as follows

Sales	October	November	December
	$96,000	$72,000	$108,000

Sales are 20% cash (20% of 108,000 is 21,600) and 80% credit (accounts receivable).

Collections on credit sales are as follows:

50% in the month of sale

30% in the month following sales

15% in the second month following sale

5 % uncollectible

Payments for inventory are 70% in the month following purchase and 30% two months following purchase.

Compute the cash collections for December

Reference no: EM13355578

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