Question
Assume a merchandising company provides the following information from its master budget for the month of May: Sales $ 119,000 Cost of goods sold $
Assume a merchandising company provides the following information from its master budget for the month of May:
| Sales | $ | 119,000 | |
| Cost of goods sold | $ | 84,000 | |
| Selling and administrative expenses | $ | 18,000 | |
| Accounts receivable, May 1st | $ | 16,000 | |
| Accounts receivable, May 31st | $ | 26,000 | |
If all of the companys sales are on account, what is the amount of cash collections from customers included in the cash budget for May?
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Sound Investing, Chapter 5 - Cost Allocation
Authors: Kate Mooney
8th Edition
007171927X, 9780071719278
