The Following Sales Budget Has Been Prepared Collections Are 50% in the Month of Sale, 40% in }

question 142

Multiple Choice

The following sales budget has been prepared: $\begin{array}{lrr}\text { Month } & \text { Cash Sales } & \text { Credit Sales } \\\hline \text { September } & \$ 123,000 & \$ 210,000 \\\text { October } & 140,000 & 180,000 \\\text { November } & 167,000 & 260,000 \\\text { December } & 189,000 & 190,000\end{array}$ Collections are 50% in the month of sale, 40% in the month following the sale, and 10% two months following the sale.No uncollectible accounts are anticipated._____ is the estimated cash collection in October from October sales

• A)$230,000
• B)$125,000
• C)$310,000
• D)None of these answers is correct

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Definitions:

Probability

The mathematical analysis of events governed by chance, quantifying how likely they are to happen.

Exponential Distribution

A probability distribution used to model the time between events in a Poisson process, characterized by a constant rate parameter.

Probability

Probability is a measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Student T Random Variable

A variable that follows the Student's t-distribution, often used in the context of small sample sizes when the population variance is unknown.