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Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in
Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $66,000, $86,000, and $76,000, respectively, what were the firm's budgeted collections for June?
Multiple Choice
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$22,800.
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$65,400.
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$74,400.
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$81,000.
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None of the answers is correct.
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