Question 12

Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $380,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,230,000. Ross collects 70% of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale.

What is the budgeted balance of Ross's accounts receivable as of July 31?

12 Required Information [The following Information applies to the questions displayed below.] Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $380,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,230,000. Ross collects 70% of sales in the month of sale: 20% in the following month, and the final 10% in the second month after the sale. eBook What is the budgeted balance of Ross's accounts receivable as of July 31? Multiple Choice $923,000 o $1.049,000 $1,101,000 $449,000