contestada

Glastonbury Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $66,000, $86,000, and $76,000, respectively, what were the firm's budgeted collections for April?

Respuesta :

hyderali230

Answer:

The firm's budgeted collections for April were $19,800

Explanation:

As given that firm collects 30% of the sale in the month of sale, there is no prior month's data, so the first month is April and its collections are as follow.

Collection = $66,000 x 30% = $19,800

Cash Schedule is made in a MS Excel file which is attached with this answer, Please find it.

Ver imagen hyderali230

Otras preguntas