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The Jimenez Company sells electric appliances. Management projected that the largest sales volume is concentrated in the months of October, November and December; So they
The Jimenez Company sells electric appliances. Management projected that the largest sales volume is concentrated in the months of October, November and December; So they expect to get a total sales of $250,000 in October. Of this amount, 60% will be cash sales and 40% will be credit sales, which are expected to be charged by the following month. Sales are expected to increase by 20% compared to the previous month during November and December. 
Sales Cash Sales On account Total Sales Budget October November December Quarter Total Required:
a. Prepare the sales budget for each month and for the total of the quarter.
b. Determine the total receipts for the month in October, November and for the total of the quarter.
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CIA Review Part 2 Internal Audit Practice For The New 3 Part Exam
Authors: Irvin N.Gleim
17th Edition
158194375X, 978-1581943757
