Question
The Carruthers Company expects the following total sales: Month Sales March $26,000 April $16,000 May $28,000 June $21,000 The company expects 70% of its sales
The Carruthers Company expects the following total sales:
Month Sales
March $26,000
April $16,000
May $28,000
June $21,000
The company expects 70% of its sales to be on credit and 30% to be cash. Credit sales are charged as follows:
| Mes | Sales | ||
| March | ps | 26,000 | |
| April | ps | 16,000 | |
| Mayo | ps | 28,000 | |
| June | ps | 21,000 | |
25% in the month of the sale, 70% in the month following the sale, the rest being uncollectible and cancelled.
What is the budgeted balance of accounts receivable as of May 31 ?
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Financial and Managerial Accounting Using Excel for Success
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
1st edition
1111535221, 1111535223, 9781285400914 , 978-1111993979
