Can someone help me determine the correct response to #2? CoursHeroTranscribedText: Coyote Loco, Inc., a...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Can someone help me determine the correct response to #2?
CoursHeroTranscribedText: Coyote Loco, Inc., a distributor of salsa, has the following historical collection pattern for its credit sales. 80 percent collected in the month of sale. 10 percent collected in the first month after sale. 5 percent collected in the second month after sale. 4 percent collected in the third month after sale. 1 percent uncollectible. The sales on account have been budgeted for the last seven months as follows: June $ 124 , 000 July 151 , 500 August 176, 500 September 203, 000 October 228, 000 November 253 , 000 December 215 , 500 Required: 1. Compute the estimated total cash collections during October from credit sales. 2. Compute the estimated total cash collections during the fourth quarter from sales made on account during the fourth quarter. 1 . Total cash collections $ 217,585 2. Total cash collections
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
