Meegan manufacturing has the following budgeted sales data: January February March April Cash Sales $70,000 $90,000 $80,000
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Question:
Meegan manufacturing has the following budgeted sales data:
January | February | March | April | |
Cash Sales | $70,000 | $90,000 | $80,000 | $70,000 |
Credit Sales | $400,000 | $350,000 | $300,000 | $320,000 |
The regular pattern of collection of credit sales is 35% in the month of sale, 53% in the month following sale, and the remainder in the second month following the month of sale.
The budgeted accounts receivable balance on February 28 would be:
a.$275,500.00
b.$487,500.00
c.$352,500.00
d.$422,500.00
Posted Date: