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Sales budget Jan Feb March April Total sales $50,000 $65,000 $60,000 $55,000 Less: cash sales 12,500 16,250 15,000 13,750 Total credit sales $37,500 $48,750 $45,000
| Sales budget | ||||
| Jan | Feb | March | April | |
| Total sales | $50,000 | $65,000 | $60,000 | $55,000 |
| Less: cash sales | 12,500 | 16,250 | 15,000 | 13,750 |
| Total credit sales | $37,500 | $48,750 | $45,000 | $41,250 |
| Planned collection rates of Credit Sales (i.e., on account sales): | ||||
| Month of Sale | 1st month after sale | 2nd month after sale | Uncollectible | |
| 70.00% | 15.00% | 10.00% | ||
What is the beginning balance of Acct Receivable for the month of May?
Group of answer choices
$16,125
$13,750
$14.813
None of the above
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The Auditors Guide Of 1869 A Review And Computer Enhancement Of Recently Discovered Old Microfilm Of Americas First Book On Auditing By H J Mettenheimer
Authors: Peter L. McMickle, Paul H. Jensen
1st Edition
0367534622, 978-0367534622
