Audrey Incorporated has forecast sales to be $223,000 in February, $288,000 in March, $308,000 in April, and $328,000 in May. T average cost of goods sold is 60% of sales. All sales are made on credit and sales are collected 50% in the month of sale, 30% the m following, and the remainder two months after the sale. What is the budgeted Accounts Receivable balance on May 31? Multiple Choice $164,200 $225,600

Audrey Incorporated has forecast sales to be $223,000 in February, $288,000 in March, $308,000 in April, and $328,000 in May. T average cost of goods sold is 60% of sales. All sales are made on credit and sales are collected 50% in the month of sale, 30% the m following, and the remainder two months after the sale. What is the budgeted Accounts Receivable balance on May 31? Multiple Choice $164,200 $225,600

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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