PLEASE answer with an explanation of how you got the answer.
- Oscorp makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the first month after the sale; and 10% are collected in the second month after the sale. If sales for October, November and December were $70,000, $60,000 and $50,000, respectively, what were the firm’s budgeted collections for December?
- $46,000
- $10,000
- $59,000
- $52,000
- None of the above
