Ewing Company is preparing a cash budget for September. The following information on accounts receivable collections is available from past collection experience. Percent of current month’s sales collected this month 20 % Percent of prior month’s
Ewing Company is preparing a cash budget for September. The following information on accounts receivable collections is available from past collection experience.
| Percent of current month’s sales collected this month | 20 | % |
| Percent of prior month’s sales collected this month | 57 | |
| Percent of sales two months prior to current month collected this month | 12 | |
| Percent of sales three months prior to current month collected this month | 8 | |
The remaining 3 percent is not collected and is written off as bad debts. Credit sales to date are as follows.
| September—estimated | $ | 280,000 |
| August | 252,000 | |
| July | 240,000 | |
| June | 286,000 | |
Required:
What are the estimated cash receipts from accounts receivable collections in September?
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Ewing Company is preparing a cash budget for September. The following information on accounts receivable collections is available from past collection experience. Percent of current month’s sales collected this month 20 % Percent of prior month’s
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