Question
Sales budget Jan Feb March April May June Total sales $50,000 $65,000 $60,000 $55,000 $70,000 $40,000 Less: cash sales 12,500 16,250 15,000 13,750 $17,500
Sales budget Jan Feb March April May June Total sales $50,000 $65,000 $60,000 $55,000 $70,000 $40,000 Less: cash sales 12,500 16,250 15,000 13,750 $17,500 $10,000 Total credit $37,500 $48,750 $45,000 $41,250 $52,500 $30,000 sales Planned collection rates of Credit Sales (i.e., on account sales): Month of 1st month 2nd month Sale after sale after sale 70.00% 15.00% 10.00% What is the ending balance for the month of May?
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Accounting Information Systems The Crossroads of Accounting & IT
Authors: Donna Kay, Ali Ovlia
2nd Edition
132991322, 978-0132991322
