Cash receipts budget Flagstaff Co. has actual sales for July and August and forecast sales for September, October, November, and December as follows:
Actual: |
|
July | $73,500 |
August | 78,750 |
Forecasted: |
|
September | 85,500 |
October | 70,500 |
November | 91,500 |
December | 80,250 |
Based on past experience, it is estimated that 30% of a month’s sales are collected in the month of sale, 50% are collected in the month following the sale, and 18% are collected in the second month following the sale.
Required:
Calculate the estimated cash receipts for September, October, and November.
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