Question
Polly Company's sales are 30% in cash and 70% on credit. Sixty percent of the credit sales are collected in the month of sale, 25%
Polly Company's sales are 30% in cash and 70% on credit. Sixty percent of the credit sales are collected in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder is uncollectible. The following are budgeted sales data:
| January | February | March | April | |
| Total Sales | $60,000 | $75,000 | $52,000 | $38,000 |
What would be the budgeted total cash receipts in April?
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
