Problem:
Sales budget for the first month of operations shows $468,311 of total sales for the month. The expected cash collections are as follows:
20% of its merchandise is sold to cash customers
80% will be sold on account
Of the 80% sold on account, 33% is expected to be collected during rhe month of sale and the remaining 67% will be collected the month following the sale.
Based on this, the Schedule of Cash Collections for the first month of operations should show an estimate of $______ for TOTAL CASH collected in that month.