Joyner Company has the following historical collection pattern for its credit sales: 60% collected i

 
   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadlines.  

Joyner Company has the following historical collection pattern for its credit sales:

60% collected in month of sale

20% collected in the first month after sale

15% collected in the second month after sale

4% collected in the third month after sale

1% uncollectible

Budgeted credit sales for the last six months of the year follow. July $ 43,000 August 48,000 September 53,000 October 58,000 November 63,000 December 55,500

Required: Calculate the estimated total cash collections during October. Calculate the estimated total cash collections during the year's fourth quarter.