Question
The LaPann Company has obtained the following sales forecast data: July August September October Cash sales $80,000 $70,000 $50,000 $60,000 Credit sales $240,000 $220,000 $180,000
The LaPann Company has obtained the following sales forecast data:
| July | August | September | October | |
| Cash sales | $80,000 | $70,000 | $50,000 | $60,000 |
| Credit sales | $240,000 | $220,000 | $180,000 | $200,000 |
The regular pattern of collection of credit sales is 20% in the month of sale, 70% in the month following the month of sale, and the remainder in the second month following the month of sale. There are no bad debts.
Required:
1) The budgeted accounts receivable balance on September 30 is ?
2) The budgeted cash receipts for October are ?
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Forensic Analytics Methods And Techniques For Forensic Accounting Investigations
Authors: Mark J. Nigrini
2nd Edition
1119585767, 9781119585763
