(Answered) Problemkiel centers sales are all made on account the firms

Accounting

Problem

Kiel Center's sales are all made on account. The firm's collection experience has been that 31% of a month's sales are collected in the month the sale is made, 52% are collected in the month following the sale, and 15% are collected in the second month following the sale. The sales forecast for the months of June through September is:

June $ 229,000
July 296,000
August 311,000
September 351,000

Required:

Calculate the cash collections that would be included in the cash budgets for August and September.

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