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What would be the estimated total cash collections

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Reference no: EM132910392

The Ohio company has the following historical pattern on its credit sales:

70% collected in the month of sale

15% collected in the first month after sale

10% collected in the second month after sale

4% collected in the third month after sale

1% uncollectible

The sales on open account have been budgeted for the last six months of 2013 are shown below:

July P60,000

August 70,000

September 80,000

October 90,000

November 100,000

December 85,000

Problem 1: What would be the estimated total cash collections during the fourth calendar quarter from sales made onopen account during the fourth calendar quarter?

a. P172,500

b. P230,000

c. P251,400

d. P265,400

Reference no: EM132910392

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