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Marigold, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June
Marigold, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June July Budgeted sales $299500 $290000 $319700 $279100 $209800 Budgeted purchases $143900 $119400 $128800 $131000 $90000 Customer amounts on account are collected 65% in the month of sale and 35% in the following month. . Cost of goods sold is 65% of sales. . Marigold purchases and pays for merchandise 35% in the month of acquisition and 65% in the following month. Operating expenses are: Salaries, $49600; Depreciation, $11600; Rent, $14700; and Utilities, $14100. . Accounts payable is used only for inventory acquisitions. How much cash will Marigold receive during May from customers?
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