Question
Shown below are the budgeted sales for ABC Company for the next six months: Sales for CashSales on Account January$18,000$ 95,000 February$15,000$130,000 March$24,000$ 70,000 April$26,000$120,000
Shown below are the budgeted sales for ABC Company for the next
six months:
Sales for CashSales on Account
January$18,000$ 95,000
February$15,000$130,000
March$24,000$ 70,000
April$26,000$120,000
May$19,000$ 90,000
June$14,000$100,000
On average, 45% of the sales on account are collected in the month
of sale, 30% are collected in the month following sale, 15% are
collected in the second month following sale, and the remaining
10% is collected three months after the month of sale.
Calculate ABC Company's budgeted accounts receivable at June 30.
I got 89500.. is that correct?
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
