Gallonte 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 $60,000, S80,000, and S70,000, respectively, what were the firm's budgeted collections for the quarter? $140,000. $121.000. $153,000. $175,000. None of the answers is correct.

Gallonte 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 $60,000, S80,000, and S70,000, respectively, what were the firm's budgeted collections for the quarter? $140,000. $121.000. $153,000. $175,000. None of the answers is correct.

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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