ALTM Company expects the following sales amounts for months in the upcoming year: April: $100,000, May: $115,000 , June: $110,000, July: $120,000 August: $130,000, September: $140,000 , October: $154,000 ALTM past collection 20% in month of sale, 70% in month following sale, 8% in 2nd month following sale, and 2% uncollectible. Prepare the expected cash collected for the third quarter (July, August, September, and total for the quarter). What is the accounts receivable balance at the end of September? Explain.

Answer rating: 100% (QA)

To determine the expected cash collections for each month and the total for the third quarter we need to take into account the sales for each month an... View the full answer