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    elenaj's Avatar
    elenaj Posts: 5, Reputation: 1
    New Member
     
    #1

    May 4, 2008, 05:38 PM
    Accounting home work
    July $100,000 October $ 90,000
    August $ 80,000 November $100,000
    September $110,000 December $ 94,000
    Historically, cash collection of sales has been:
    65% of sales collected in month of sale
    25% of sales collected in month following sale
    10% of sales collected in second month following sale

    1. What are the expected cash collections in September?
    A. $86,000 C. $98,500
    B. $97,100 D. $101,500

    I got 97.100 if this is incorrect, can somebody help me to solve this problem... thanks
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    May 4, 2008, 06:26 PM
    Cash Collections in September:
    July = 10% x 100,000
    August = 25% x 80,000
    September = 65% of 110,000

    Total = 101,500

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