Oriole Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the months ofJune through October are:August September OctoberJuly$272800 $290400 $264000 $246400 $228800$79200JuneBudgeted salesBudgeted purchases $126720 $105600 $112640O $279840.O $256080.O $158400.O. $274560.$116160Customer amounts on account are collected 60% in the month of sale and 40% in the following month. Cost of goods sold is 45% ofsales. Oriole purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month. How much cash isbudgeted to be received during August?

Budgeting involves estimating income and expenses over a given period. It is essentially a financial…

Answered: Customer amounts on account are…

Customer amounts on account are collected 60% in the month of sale a sales. Oriole purchases and pays for merchandise 30% in the month of budgeted to be received during August?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PB: Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May,...

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