Business, 07.11.2019 04:31 ayrias

All sales are made on account. collections from customers are normally 70 percent in the month of sale, 20 percent in the month following the sale, and 9 percent in the second month following the sale. the balance is expected to be uncollectible. all purchases are on account. management takes full advantage of the 2 percent discount allowed on purchases paid by the tenth of the following month. purchases for november are budgeted at $150,000, and sales for november are budgeted at $165,000. cash disbursements for expenses are expected to be $36,000 for the month of november. the company’s cash balance on november 1 was $55,000.prepare the expected cash collections during august.

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