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Sheridan, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June
Sheridan, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June July. Budgeted sales $300100 $290800 $319400 $280600 $210800 Budgeted purchases $144400 $121000 $127000 $133000 $89100 Customer amounts on account are collected 80% in the month of sale and 20% in the following month. Cost of goods sold is 65% of sales. Sheridan purchases and pays for merchandise 35% in the month of acquisition and 65% in the following month. Operating expenses are: Salaries, $50300; Depreciation, $12600; Rent, $15000; and Utilities, $13700. Accounts payable is used only for inventory acquisitions. How much is Sheridan's May 31, 2022 budgeted Accounts Receivable?
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