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Gallonte Incorporated began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in
Gallonte Incorporated 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 $80,000,$160,000, and $150,000, respectively, what were the firm's budgeted collections for the quarter? Multiple Choice $221,000 $240,000 $269,000 $329,000
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