Question
Compton Company expects the following total sales: Month Sales March $ 30,000 April $ 20,000 May $ 30,000 June $ 25,000 The company expects 60%
Compton Company expects the following total sales:
| Month | Sales | ||
| March | $ | 30,000 | |
| April | $ | 20,000 | |
| May | $ | 30,000 | |
| June | $ | 25,000 | |
The company expects 60% of its sales to be credit sales and 40% for cash. Credit sales are collected as follows: 30% in the month of sale, 70% in the month following the sale. The budgeted accounts receivable balance on May 31 is:
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2001 Miller Audit Procedures Miller Engagement
Authors: George Georgiades
1st Edition
0156071940, 978-0156071949
