ABC Co.’s records show the following information: 20x1 20x2 Deferred gross profit (adjusted ending balances): from 20x1 sale 240,000 160,000 from 20x2 sale 324,000 Gross profit rates based on sales 40% 45% Cash collections from: 20x1 sales 400,000 200,000 20x2 sales 480,000 How much is the total installment receivable on December 31, 20x2?

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.