Question
XYZ Company reported the following information for 2022: April May June Budgeted sales $1,240,000 $1,160,000 $1,440,000 All sales are on credit. Customer amounts on account
XYZ Company reported the following information for 2022:
April May June
Budgeted sales $1,240,000 $1,160,000 $1,440,000
All sales are on credit.
Customer amounts on account are collected 60% in the month of sale and 40% in the following month.
How much cash will XYZ Company receive in May?
Select one:
a. $1,160,000
b. $1,656,000
c. $1,192,000
d. $1,440,000
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
