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6 Kingston budgets total soles for June and July of $360,000 and $328,000, respectively. Cash sales are 70% of total sales, Of the credit sales,
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Kingston budgets total soles for June and July of $360,000 and $328,000, respectively. Cash sales are 70% of total sales, Of the credit sales, 20% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts recelvable reported on the company's budgeted balance sheet as of July 31 . Hint: Determine the percent of June and July sales that are uncollected at July 31 Step by Step Solution
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