The LaPann Corporation has obtained the following sales forecast data: July August September October Cash...
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Accounting
The LaPann Corporation has obtained the following sales forecast data: July August September October Cash sales $ 80,000 $ 70,000 $ 50,000 $ 60,000 Credit sales $ 240,000 $ 230,000 $ 190,000 $ 200,000 The regular pattern of collection of credit sales is 20% in the month of sale, 70% in the month following the month of sale, and the remainder in the second month following the month of sale. There are no bad debts. The budgeted cash receipts for October would be:
Multiple Choice
$188,000
$248,000
$196,000
$256,000
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