(Answered) Problem - abc company has the following historical

Accounting

Problem - ABC Company has the following historical collection pattern for its credit sales:

65% collected in month of sale

20% collected in the first month after sale

8% collected in the second month after sale

5% collected in the third month after sale

2% uncollectible

Credit sales are for the last 6 months are as follows:

Jul $35,000

Aug 40,000

Sep 45,000

Oct 50,000

Nov 55,000

Dec 43,000

Calculate the estimated total cash collections during October.

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