Fine Co. has the following sales forecasts for the third quarter of 2021: ₱85,000 (July), ₱88,000 (Aug), ₱82,000 (Sep). All sales are on credit. Seventy-five percent are collected in the month of sales and remainder is collected the following month. Minimum cash balance is ₱10,000. How much cash would be collected in August from sales? Fine Co. has the following sales forecasts for the third quarter of 2021: P85,000 (July), P88,000 (Aug), P82,000 (Sep). All sales are oncredit. Seventy-five percent are collected in the month of sales and remainder is collected the following month. Minimum cashbalance is P10,000. How much cash would be collected in August from sales?A) P61,500B) P66,000c) P83,500DP87,250

The question specifies that all sales are on credit. Also 70% of credit sales are collected in the…

Answered: Fine Co. has the following sales…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9EB: Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25%...

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Fine Co. has the following sales forecasts for the third quarter of 2021: ₱85,000 (July), ₱88,000 (Aug), ₱82,000 (Sep). All sales are on credit. Seventy-five percent are collected in the month of sales and remainder is collected the following month. Minimum cash balance is ₱10,000. How much cash would be collected in August from sales?

Fine Co. has the following sales forecasts for the third quarter of 2021: P85,000 (July), P88,000 (Aug), P82,000 (Sep). All sales are on
credit. Seventy-five percent are collected in the month of sales and remainder is collected the following month. Minimum cash
balance is P10,000. How much cash would be collected in August from sales?
A) P61,500
B) P66,000
c) P83,500
D
P87,250

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