Gallonte Incorporated began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected inthe 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 Junewere $60,000, $100,000, and $70,000, respectively, what were the firm's budgeted collections for the quarter?Multiple ChoiceNone of the answers is correct$141,000$207,000$160,000О$171,000

The objective of the question is to calculate the budgeted collections for the quarter for Gallonte…

Answered: Gallonte Incorporated began operations…

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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