Question
Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are
Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows:
| Sales Budget | April | May | June |
|---|---|---|---|
| Cash Sales | 105,000 | 73,000 | 130,000 |
| Sales on Account | 445,000 | 492,000 | 480,000 |
| 550,000 | 565,000 | 610,000 |
Bright Minds expects to collect 70% of the sales on account in the month of sale, 20% in the month following the sale, and the remainder in the second month following the sale.
What is the amount of budgeted cash collections for June?
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Wiley Federal Government Auditing Laws Regulations Standards And Practices
Authors: Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, David M. Zavada
2nd Edition
1118555856, 978-1118555859
