Question
Lee's Appliances forecasts the following sales figures for the next four months. April May June July $250 000 $150 000 $225 000 $150 000 Cash
Lee's Appliances forecasts the following sales figures for the next four months.
April May June July
$250 000 $150 000 $225 000 $150 000
Cash sales average 10 per cent of total sales and credit sales are collected 50 per cent in the month of sale and 50 per cent in the month following sale. What is Lee's estimated accounts receivable balance on July 31?
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Audit Sampling
Authors: Ray Whittington, Dan M Guy, D R Carmichael
5th Edition
047137590X, 9780471375906
