Question
Shown below are the budgeted sales for Johns Car Company for the next six months: Budgeted Sales January $ 76,450 February $ 91,280 March $122,650
Shown below are the budgeted sales for Johns Car Company for the next six months: Budgeted Sales January $ 76,450 February $ 91,280 March $122,650 April $ 88,740 May $146,920 June $157,360 All sales are made on account. On average, The Car Company collects 25% of its sales in the month of sale, 30% is collected in the month following sale, 20% is collected in the second month following sale, 15% is collected in the third month following sale, and the remaining 10% is collected four months after the month of sale. Calculate Johns Car Company's budgeted accounts receivable at June 30.
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