Cash receipts budget 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.