Esplanade Company’s credit sales have the following historical pattern:
70% Collected in the month of sale
15% Collected in the first month after sale
10% Collected in the second month after sale
4% Collected in the third month after sale
1% Uncollectible
These sales on open account (credit sales) have been budgeted for the last six months in 2010:
| July | $60,000 |
| August | $70,000 |
| September | $80,000 |
| October | $90,000 |
| November | $100,000 |
| December | $85,000 |
1) Determine the estimated total cash collections from accounts receivable during
October 2010.
2) Compute the estimated total cash collections during the fourth quarter from credit sales of the fourth quarter.
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