Question
(LO 7) The Gardner Company expects sales for October of $258,000. Experience suggests that 40% of sales are for cash and 60% are on credit.
(LO 7) The Gardner Company expects sales for October of $258,000. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $72,000. What is the amount of Accounted Receivables on the October 31 budgeted balance sheet?
Multiple Choice
- $103,200.
- $129,000.
- $72,000.
- $77,400.
- $154,800.
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
