Cash receipts budget Flagstaff Co. has actual sales for July and August and fore-cast sales for September, October, November, and December as follows:
Actual:
- Jul 73,500
- Aug 78,750
- Forecasted:
- Sep 85,500
- Oct 70,500
- Nov 91 ,500
- Dec 80,250
Based on past experience, it is estimated that 30% of a month's sales are collected in the month of sale, 50% are collected in the month following the sale, and 18% are collected in the second month following the sale.
Required:
Calculate the estimated cash receipts for September, October, and November.