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Question
Lafayette Company's experience shows that 20% of its sales are for cash and 80% are on credit. An analysis of credit sales shows that 50% are collected in the month following the sale, 45% are collected in the second month, and 5% prove to be uncollectible. Calculatethe following.| August | September | October | November | ||||||
| Sales "u00a6"u00a6"u00a6.. | $500,000 | $525,000 | $535,000 | $550,000 | |||||
| October | November | ||||||||
| Receipts from cash sales "u00a6"u00a6"u00a6"u00a6"u00a6... | (1) | (6) | |||||||
| Collections from August credit sales "u00a6 | (2) | (7) | |||||||
| Collections from September credit sales | (3) | (8) | |||||||
| Collections from October credit sales ... | (4) | (9) | |||||||
| Total cash collections during the month | (5) | (10) | |||||||
Answer
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