Question: smithfeld corporation began its operations on september 1 of the...
Smithfeld Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $340,000, $380,00, and $420,00, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of the sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month.
The cash collected in October from Cash sales only is: