Question
Razz Corporation has budgeted for the following sales: July $425,000 August $510,000 September $605,000 October $860,000 November $715,000 December $680,000 Sales are collected as follows:
Razz Corporation has budgeted for the following sales:
| July | $425,000 |
| August | $510,000 |
| September | $605,000 |
| October | $860,000 |
| November | $715,000 |
| December | $680,000 |
Sales are collected as follows: 10% in the month of sale; 60% in the month following the sale; and the remaining 30% in the second month following the sale.
1. What is the budgeted total cash collected in December?
2. In Razz's budgeted balance sheet at December 31, at what amount will accounts receivable be shown?
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Are You Legal A Personal Legal Audit And Empowerment Tool
Authors: Nelson P. Miller
1st Edition
099055533X, 978-0990555339
