Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Vaughn, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June July
Vaughn, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June July Budgeted sales $300600 $290100 $320000 $280500 $209300 Budgeted purchases $143600 $120500 $128000 $132000 $90500 Customer amounts on account are collected 70% in the month of sale and 30% in the following month. Cost of goods sold is 60% of sales. Vaughn purchases and pays for merchandise 40% in the month of acquisition and 60% in the following month. Operating expenses are: Salaries, $50900; Depreciation, $11500; Rent, $15600; and Utilities, $14700. . Accounts payable is used only for inventory acquisitions. How much is Vaughn's May 31, 2022 budgeted Accounts Receivable? O $224000 $96000 O $320000 O $311030
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started