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 30% in the month of sale and 70% in the month following the month of sale. There are no bad debts.
The budgeted accounts receivable balance on September 30th is:
- $126,000
- $154,000
- $161,000
- $186,000
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Auditing And Assurance Services
Authors: Louwers, Timothy Louwers
5th Edition
0078025443, 978-0078025440
