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On October 1 of the current year, Molloy Corporation is preparing a cash budget for October, November, and December. All of Molloy's sales are made on account. The following information was used in preparing estimated cash collections:
Approximately 60% of all sales are collected in the month of the sale, 30% is collected in the following month, and 10% is collected in the month thereafter. Answer the following questions:
August Sales $ 40.000
September Sales $ 50.000
October Sales $ 20.000
November Sales $ 70.000
December Sales $ 60.000
Question a) What is budgeted collections from customers in October in total? Explain your answer including any computations.
Question b) What is budgeted collections from customers in November in total? Explain your answer including any computations.
Question c) Budgeted collections from customers in December total? Explain your answer including any computations.
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