Budgeted Cash Receipts, Budgeted Accounts Receivable
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The Kafusi Company has the following budgeted sales:
April May June July
Credit Sales $320,000 $300,000 $350,000 $400,000
Cash Sales $70,000 $80,000 $90,000 $70,000
The regular pattern of collection of credit sales is 30% in the month of sale, 60% in the month following the month of sale, and the remainder in the second month following the month of sale. There are no bad debts.
1.
The budgeted cash receipts for July would be:
A. $400,000
B. $430,000
C. $435,000
D. $390,000
2.
The budgeted accounts receivable balance on May 31 would be:
A. $210,000
B. $212,000
C. $180,000
D. $242,000
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The solution calculates Budgeted Cash Receipts and Budgeted Accounts Receivable.
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The budgeted cash receipts for July would be:
A. $400,000
B. ...
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