Question
Assume a merchandising company provides the following information from its master budget for the month of May: Sales $ 123,000 Cost of goods sold $
Assume a merchandising company provides the following information from its master budget for the month of May:
| Sales | $ 123,000 |
|---|---|
| Cost of goods sold | $ 99,000 |
| Selling and administrative expenses | $ 33,000 |
| Accounts receivable, May 1st | $ 16,000 |
| Accounts receivable, May 31st | $ 23,500 |
If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May?
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
4th Edition
1119607515, 978-1119607519
