Gardner Company expects sales for October of $240,000. Experience suggests that 45% of sales are for cash and 55% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $63,000. What is the amount of Accounts Receivable on the October 31 budgeted balance sheet? Multiple Choice ○ $108,000. $120,000. $63,000. $66,000. ○ $132,000.

Gardner Company expects sales for October of $240,000. Experience suggests that 45% of sales are for cash and 55% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $63,000. What is the amount of Accounts Receivable on the October 31 budgeted balance sheet? Multiple Choice ○ $108,000. $120,000. $63,000. $66,000. ○ $132,000.

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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