Thornton,Inc.has budgeted sales for the months of September and October at $303,000 and $289,000,respectively.Monthly sales are 80% credit and 20% cash.Of the credit sales,50% are collected in the month of sale,and 50% are collected in the following month.Calculate cash collections for the month of October.

Question

Quizplus · Accepted Answer

Calculations of collections for the month of October:
Collections for October sales
 11ea8873_d530_72c5_bb89_1d01ea5e554c_TB5026_00 Collections for September sales
 11ea8873_d530_99d6_bb89_91a2e357b6d9_TB5026_00