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The following details have been extracted from the receivables records of X:
Invoices paid in the month after sale 60%
Invoices paid in the second month after sale 20%
Invoices paid in the third month after sale 15%
Bad debts 5%
Credit sales for June to August 2011 are budgeted as follows:
June $100,000
July $150,000
August $130,000
Problem 1: The amount budgeted to be received in September 2011 from credit sales is:
A. $115,190
B. $116,750
C. $121,440
D. $123,000
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