Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 50% are collected in the first month after sale; and 30% are collected in the second month after sale. If sales for April, May, and June were $68,000, $88,000, and $78,000, respectively, what were the firm's budgeted collections for June? Multiple Choice O $15.600. $51,600. O$59,600 $80,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following
collection pattern: 20% are collected in the month of sale; 50% are collected in the first month after sale;
and 30% are collected in the second month after sale. If sales for April, May, and June were $68,000,
$88,000, and $78,000, respectively, what were the firm's budgeted collections for June?
Multiple Choice
$15,600.
$51,600.
$59,600.
$80,000.
Transcribed Image Text:Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 50% are collected in the first month after sale; and 30% are collected in the second month after sale. If sales for April, May, and June were $68,000, $88,000, and $78,000, respectively, what were the firm's budgeted collections for June? Multiple Choice $15,600. $51,600. $59,600. $80,000.
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