Originally Posted by
needygirl
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.
