Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help solving question 9 not sure if answer is B. Please provide detailed explanation. ng data pemains to the next two questions 95522

I need help solving question 9 not sure if answer is B. Please provide detailed explanation.

image text in transcribed

ng data pemains to the next two questions 95522 Company has the following budgeted sales for the last half of next year: July ..................... August .............. September... October.... November December Cash Sales $50,000 $55,000 $45,000 $50,000 $60,000 $80,000 Credit Sales $150,000 $170,000 $130,000 $145,000 $200,000 $350,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Aug Sep Oct Collections on credit sales: 60% in month of sale 30% in month following sale 10% in second month following sale 8. The total cash receipts during October would be: A. SI50,000 B. $236,500 $193,000 50,000+ 145,000 x 60 % D. S200,000 + E. S364,500 87000 + 32,50 145.000x 60% 180000x zof 17ooo & 50000 = 50,000 170000 X.10=17000 130 000 X.30 = 39000 145000 X 10 = 6700 193000 9. What is the budgeted accounts receivable balance on November 30? A. $160,000 B. $94.500 C. S140,000 D. $131,300 E. $71,000 80.00 114500 Sep Nov Nov Oct Aug Dec Jan Neu 3 Nova C 950000 .69 1 45000 X.10 - 14-500 200 000 X.30 = 60000 200 000 -10 30000 =94500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Hartgraves And Morse

6th Edition

1934319805, 978-1934319802

More Books

Students also viewed these Accounting questions