Question
Lakewood Jet Skis has budgeted sales for June and July at $420,000 and $490,000, respectively. Sales are 75% credit, of which 40% is collected in
Lakewood Jet Skis has budgeted sales for June and July at $420,000 and $490,000, respectively. Sales are 75% credit, of which 40% is collected in the month of the sale and 60% is collected in the following month. What is the accounts receivable balance on July 31?
A. $ 294,000
B.$367,500
C.$189,000
D.$ 220,500
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Global Financial Accounting And Reporting Principles And Analysis
Authors: Peter Walton, Walter Aerts
2nd Edition
1408017725, 978-1408017722
