Question
The following credit sales are budgeted by AMA Tech: January = $200,000 February = $250,000 March = $300,000 April = $400,000 May = $460,000 Past
The following credit sales are budgeted by AMA Tech:
January = $200,000
February = $250,000
March = $300,000
April = $400,000
May = $460,000
Past experience indicates that 45% of the accounts receivable are collected in the month of sale, 35% in the month following the sale and 17% in the second month following the sale. 3% of the sales are uncollectible.
Calculate the anticipated cash receipts for March.
Group of answer choices
A. $248,500
B. $256,500
C. $262,500
D. $265,500
Use the above information. Calculate the anticipated cash receipts for April.
Group of answer choices
A. $327,500
B. $335,000
C. $337,500
D. $339,000
Use the above information. Calculate the anticipated cash receipts for May.
Group of answer choices
A. $388,200
B. $398,000
C. $407,000
D. $420,800
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Audit Risk Management Driving Audit Value The Best Practice Strategy Guide For Minimising The Audit Risks And Achieving The Internal Audit Strategies And Objectives Volume 2
Authors: Hans Beumer
1st Edition
3906861155, 978-3906861159
