Cloudy Company had the following historical collection pattern for its credit sales: 70% collected in the month of sale 12% collected in the first month after month of sale 10% collected in the second month after month of sale 5% collected in the third month after month of sale 3% uncollectible The sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: July $ 92,000

Cloudy Company had the following historical collection pattern for its credit sales: 70% collected in the month of sale 12% collected in the first month after month of sale 10% collected in the second month after month of sale 5% collected in the third month after month of sale 3% uncollectible The sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: July $ 92,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9EB: Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25%...

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Fresplanade Co. had the following historical collection pattern for its credit sales:75% collected in the month of sale12% collected in the first month after month of sale8% collected in the second month after month of sale3% collected in the third month after month of sale2% uncollectibleThe sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: July $ 72,000 August $ 84,000 September $ 96,000 October $ 108,000 November $ 120,000 December $ 102,000 The estimated cash collections during July from credit sales made in July by Fresplanade Co. is:
Cloudy Company had the following historical collection pattern for its credit sales:70% collected in the month of sale12% collected in the first month after month of sale10% collected in the second month after month of sale5% collected in the third month after month of sale3% uncollectibleThe sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: July $ 92,000 August $ 104,000 September $ 116,000 October $ 128,000 November $ 140,000 December $ 122,000 The estimated cash collection by Cloudy Company during August from July and August credit sales is: Multiple Choice $100,160. $90,880. $102,880. $64,400. $83,840.
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