Question
The Overland Company is preparing its cash budget for the month of June. The following information is available concerning its accounts receivable: Estimated credit sales
The Overland Company is preparing its cash budget for the month of June. The following information is available concerning its accounts receivable:
| Estimated credit sales for June | $ | 334,000 | |
| Actual credit sales for May | 259,000 | ||
| Estimated collections in June for credit sales in June | 25 | % | |
| Estimated collections in June for credit sales in May | 65 | % | |
| Estimated collections in June for credit sales prior to May | $ | 52,000 | |
| Estimated write-offs in June for uncollectible credit sales | 46,000 | ||
| Estimated provision for bad debts in June for credit sales in June | 44,000 | ||
What are the estimated cash receipts from accounts receivable collections in June?
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
1118334329, 978-1118334324
