Esplanade Company's credit sales encompass the given historical pattern:
70% Collected in the month of sale
15% Collected in the first month after sale
10% Collected in the second month after sale
4% Collected in the third month after sale
These sales on open account (or credit sales) have been budgeted for the last six months in the year 2010:
1) Find out the estimated total cash collections from accounts receivable throughout October 2010.
2) find out the estimated total cash collections throughout the fourth quarter from credit sales of the fourth quarter.