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
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 34% in the month of sale, 42% 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:
Select one:
a. $327,000.00
b. $495,000.00
c. $435,000.00
d. $429,000.00
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Modern Advanced Accounting In Canada
Authors: Hilton Murray, Herauf Darrell
7th Edition
1259066487, 978-1259066481
