Question
Silver Company makes a product that is very popular as a Mothers Day gift. The companys sales budget is given below: Month Budgeted sales February
Silver Company makes a product that is very popular as a Mothers Day gift. The companys sales budget is given below:
Month Budgeted sales
February $230,000
March $260,000
April $300,000
May $500,000
June $200,000
The company has learned that 20% of a months sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale.
What are the budgeted total cash receipts from sales for the month of June?
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Advanced Level Audit Q And A 2014
Authors: ACA Simplified
1st Edition
1500852538, 978-1500852535
