Peach Corporation's only cash receipts are those derived from customer sales. Peach makes both cash sales and sales on account. For its credit sales, Peach collects 50% in the month of the sale. 40% in the month following the sale, and 10% in the second month following the sale. Peach is preparing its cash budget for the upcoming year. Sales on account for the month of March are budgeted at $150,000. The budgeted accounts receivable balance on March 1 is $113,000, of which $90,000 represents uncollected sales made in February and $23,000 represents uncollected sales made in January. If Peach's total cash receipts for the month of March are budgeted at $205,000, what are Peach's budgeted cash sales during March? O $17,000 O $35,000 $53,000 O $71,000 O None of the above

Peach Corporation's only cash receipts are those derived from customer sales. Peach makes both cash sales and sales on account. For its credit sales, Peach collects 50% in the month of the sale. 40% in the month following the sale, and 10% in the second month following the sale. Peach is preparing its cash budget for the upcoming year. Sales on account for the month of March are budgeted at $150,000. The budgeted accounts receivable balance on March 1 is $113,000, of which $90,000 represents uncollected sales made in February and $23,000 represents uncollected sales made in January. If Peach's total cash receipts for the month of March are budgeted at $205,000, what are Peach's budgeted cash sales during March? O $17,000 O $35,000 $53,000 O $71,000 O None of the above

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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