1. The CRCR Corporation is doing budgets for the last quarter of its fiscal year, which ends on December 31. The company expects to make total sales by month of:
|
Sept |
Oct |
Nov |
Dec |
Jan |
|
$50,000 |
$52,500 |
$63,000 |
$81,900 |
$32,760 |
Of total sales each month, 40% will be in cash. Remaining sales will be made on credit. The company expects to collect 55% of all credit sales in the month the sale was made and in time for the customer to take a 2.5% prompt payment sales discount. The company will collect an additional 40% of credit sales in the month after the sale. What is the expected balance in accounts receivable at the end of November?