Question - JKL Company expects the following sales and collection pattern for the indicated four months of the year:
Month Cash Sales Credit Sales Total Sales
June $42,000 $82,000 $124,000
July $36,000 $78,000 $114,000
August $41,000 $80,000 $121,000
September $38,000 $83,000 $121,000
8% of credit sales are collected in the same month
72% of sales are collected in the following month
15% of sales are collected in the second following month
What are the projected cash collections for the month of September?
$75,940
$113,940
$118,090
$122,090