Question
Fill in the blanks for the following exercise: Profit Planning and Activity-Based Budgeting April May June Sales $60,000 $80,000 ??? Cash Receipts: -- -- --
Fill in the blanks for the following exercise:
Profit Planning and Activity-Based Budgeting
| April | May | June | |
| Sales | $60,000 | $80,000 | ??? |
| Cash Receipts: | -- | -- | -- |
| From Cash Sales | ??? | ??? | $50,000 |
| From Sales on Account | $49,000 | ??? | ??? |
| Total cash receipts | ??? | ??? | ??? |
*Half of each month's sales are on account
+60% of credit sales are collected in the month of sales; 40% is collected in the following month.
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Financial Accounting
Authors: Karen Bird, Gene Imhoff
5th Edition
0984200568, 978-0984200566
