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PLEASE SHOW WORK! Use the following information to answer the next 2 questions: Brady, Inc. is in the process of budgeting cash inflows for the
PLEASE SHOW WORK!
Use the following information to answer the next 2 questions: Brady, Inc. is in the process of budgeting cash inflows for the next three months. Cash sales are 10 percent of total sales each month. Historically, sales on account have been collected as follows: 70 percent in the month of sale, 25 percent in the month after the sale, and the remaining 5 percent two months after the sale. Sales for the next three months are projected as follows: April, \$192,000; May, $210,000; and June, $220,000. Accounts receivable on March 31 was $54,000. 16. (1 point) The expected total cash collections of Brady, Inc. in June are? a. $176,000 b. $160,600 c. $198,000 d. $216,490 e. $238,100 f. $194,490 g. $216,100 h. None of the above 17. (1 point) What is the budgeted accounts receivable balance on June 30 for Brady, Inc.? a. $76,500 b. $66,000 c. $59,400 d. $116,600 e. $59,510 f. $68,850 g. $57,510 h. None of the aboveStep by Step Solution
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