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What estimated cash collections during july from credit sale

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Reference no: EM132494759

Fresplanade Co. had the following historical collection pattern for its credit sales:

75% collected in the month of sale

12% collected in the first month after month of sale

8% collected in the second month after month of sale

3% collected in the third month after month of sale

2% uncollectible

The sales on open account (credit sales) have been budgeted for the last six months of the year as shown below:

July$72,000

August$84,000

September$96,000

October$108,000

November$120,000

December$102,000

Question 1: What The estimated cash collections during July from credit sales made in July by Fresplanade Co. is:

Reference no: EM132494759

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