Pacific Highway Enterprises prepared the following sales budget for the first six months of 2018: Month January February March Units 5,000 4,000 6,000 8,000 7,000 9,000 April May June Units sell for $46 each. Thirty percent of sales is for cash; the remainder is on account. Cash collections of sales on account are forecasted to be 40 percent in the month of sale, with the remainder collected in the next month. Beginning receivables at January 1 were $87,000. Determine the budgeted cash receipts for. January: $ March: $

Pacific Highway Enterprises prepared the following sales budget for the first six months of 2018: Month January February March Units 5,000 4,000 6,000 8,000 7,000 9,000 April May June Units sell for $46 each. Thirty percent of sales is for cash; the remainder is on account. Cash collections of sales on account are forecasted to be 40 percent in the month of sale, with the remainder collected in the next month. Beginning receivables at January 1 were $87,000. Determine the budgeted cash receipts for. January: $ March: $

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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