Question
Carruthers Company expects the following total sales: Month Sales March $ 26,000 April $ 16,000 May $ 28,000 June $ 21,000 The company expects 70%
Carruthers Company expects the following total sales: Month Sales March $ 26,000 April $ 16,000 May $ 28,000 June $ 21,000 The company expects 70% of its sales to be credit sales and 30% for cash. Credit sales are collected as follows:
| Month | Sales | ||
| March | $ | 26,000 | |
| April | $ | 16,000 | |
| May | $ | 28,000 | |
| June | $ | 21,000 | |
25% in the month of sale, 70% in the month following the sale with the remainder being uncollectible and written off. The budgeted accounts receivable balance on May 31 is:
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Advanced Level Audit Q And A 2014
Authors: ACA Simplified
1st Edition
1500852538, 978-1500852535
