The following details have been extracted from the receivables records of X:
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The following details have been extracted from the receivables records of X:
Invoices paid in the month after sale 60%
Invoices paid in the second month after sale 20%
Invoices paid in the third month after sale 15%
Bad debts 5%
Credit sales for June to August 2011 are budgeted as follows:
June $100,000
July $150,000
August $130,000
Customers paying in the month after sale are entitled to deduct a 2% settlement discount.
Invoices are issued on the last day of the month.
The amount budgeted to be received in September 2011 from credit sales is?
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