The following data are given for Erich From Stores: September October N

The following data are given for Erich From Stores:

September

October

November

December

Actual

Actual

Estimated

Estimated

Cash sales

$ 7000

$ 6000

$ 8000

$ 6000

Credit sales

50000

48000

62000

80000

Total sales

57000

54000

70000

86000

Past experience indicates that net collections normally occur in the following pattern:

-No collections are made in the month of sale.

-Eighty percent of the sales of any month are collected in the following month.

-Nineteen percent of sales are collected in the second following month.

-One percent of sales are uncollectible.

1. Calculate the total cash receipts for November and December.

2. Compute the accounts receivable balance at November 30 if the October 31 balance is

$50000