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What is the forecasted amount of total cash collections

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Question - It is November 1 of Year 1. Sales for a multimedia company for November, December, and January (of Year 2) are forecasted to be as follows:

November: $400,000

December: $600,000

January: $200,000

70% of sales are credit sales; the remaining sales are cash sales. Of these credit sales, 5% are collected during the month of sale, 25% in the following month, 65% in the second following month, and 5% are never collected.

Total sales (cash and credit):

September, Year 1: $100,000

October, Year 1: $150,000

Required - What is the forecasted amount of total cash collections in January?

Reference no: EM132795838

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