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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
| 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 sales | $37,500 | $48,750 | $45,000 | $41,250 | $52,500 | $30,000 |
| 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 beginning balance for the month of April? | ||||||
Group of answer choices
$16,125
$14,813
None of the other answers are correct
$40,500
$31,500
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Financial accounting
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
8th Edition
9780135114933, 136108865, 978-0136108863
