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Thomas Corporation has the following budgeted sales for the next six months: Sales for Cash Sales on Account January $29,000 $106,400 February $24,000 $119,700 March
Thomas Corporation has the following budgeted sales for the next six months: Sales for Cash Sales on Account January $29,000 $106,400 February $24,000 $119,700 March $33,000 $143,200 April $17,000 $128,500 May $26,000 $134,900 June $14,000 $101,300 On average, 24% of the sales on account are collected in the month of sale, 37% are collected in the month following sale, 11% are collected in the second month following sale, and the remaining 28% is collected three months after the month of sale. Calculate Thomas Corporation's budgeted accounts receivable at June 30.
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