Question
The following sales budget has been prepared: Month Cash Sales Credit Sales September $200,000 $400,000 October 250,000 360,000 November 260,000 420,000 December 270,000 380,000 Collections
The following sales budget has been prepared:
Month Cash Sales Credit Sales
September $200,000 $400,000
October 250,000 360,000
November 260,000 420,000
December 270,000 380,000
Collections are 50 percent in the month of sale, 40 percent in the month following the sale, and 10 percent two months following the sale. No uncollectible accounts are anticipated.
What will be the total cash received in September on September sales?
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Financial Accounting A Practical Introduction
Authors: Ilias Basioudis
1st Edition
0273714295, 978-0273714293
