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What the estimated cash collection by fresplanade co is

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Reference no: EM132905836

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

  • 70% collected in the month of sale
  • 15% collected in the first month after month of sale
  • 9% collected in the second month after month of sale
  • 5% collected in the third month after month of sale
  • 1% uncollectible

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

July $88,000

August $100,000

September $112,000

October $124,000

November $136,000

December $118,000

Problem 1: The estimated cash collection by Fresplanade Co. during August from July and August credit sales is:

Multiple Choice

Option 1: $98,880.
Option 2: $101,320.
Option 3: $61,600.
Option 4: $83,200.
Option 5: $92,000.

Reference no: EM132905836

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