Transcribed Image Text: PROBLEM 7-G COLLECTIONS BUDGET Marga Corporation has the following historical pattern of credit sales 70% auring the month of sale 15% in the first month after sale

Transcribed Image Text: PROBLEM 7-G COLLECTIONS BUDGET
Marga Corporation has the following historical pattern of credit sales
70% auring the month of sale
15% in the first month after sale
10% Ip the second month after sale
4% in the third month after sale
1% uncollectible
Sales on açcount for the last six months of the year were reported as followsi
July
August
Septembe
P180,000
200,000
P120,000
October
140,000
November
December
Required:
1. Compute for the total cash collections durnng the 4* calendar quarter.
2. A/R balance on the Balance Sheet as of Dec. 31
CITY
SITY
SAPIENTIA
EDIFICAT

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