ABC Company is preparing its cash budget for next year. Budgeted sales for four months are as follows: April 80,000 May 160,000 June 240,000 July 80,000 Fifty percent of total sales is cash sales. The balance, or the credit sales, is collected in the following manner: 70% in the month following the sale 20% in the second month following the sale 10% in the third month following the sale How much is the budgeted cash receipts in July?

ABC Company is preparing its cash budget for next year. Budgeted sales for four months are as follows: April 80,000 May 160,000 June 240,000 July 80,000 Fifty percent of total sales is cash sales. The balance, or the credit sales, is collected in the following manner: 70% in the month following the sale 20% in the second month following the sale 10% in the third month following the sale How much is the budgeted cash receipts in July?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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