Question
Grover has forecast sales to be $128,000 in February, $138,000 in March, $153,000 in April, and $143,000 in May. The average cost of goods sold
Grover has forecast sales to be $128,000 in February, $138,000 in March, $153,000 in April, and $143,000 in May. The average cost of goods sold is 70% of sales. All sales are made on credit and sales are collected 60% in the month of sale, and 40% the month following. What are budgeted cash receipts in April?
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$144,000
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$153,000
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$147,000
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$107,000
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
