PROBLEM 7-G COLLECTIONS BUDGETMarga Corporation has the following historical pattern of credit sales70% during the month of sale15% in the first month after sale4% in the third month after sale1% uncollectible10% in the second month after saleSales on account for the last six months of the year were reported as follows:JulyP120,000OctoberP180,000August140,000November200,000September160,000December170,000Required:2. A/R balance on the Balance Sheet as of Dec. 31

Sales can be made on Cash or on Account. When Cash Sales is made , Cash is debited & on account…

PROBLEM 7-G COLLECTIONS BUDGET Marga Corporation has the following historical pattern of credit sales 70% during the month of sale 15% in the first month after sale 10% in the second month after sale 4% in the third month after sale 1% uncollectible Sales on account for the last six months of the year were reported as follows: July P120,000 October P180,000 August 140,000 November 200,000 September 160,000 December 170,000 Required: 2. A/R balance on the Balance Sheet as of Dec. 31

PROBLEM 7-G COLLECTIONS BUDGET Marga Corporation has the following historical pattern of credit sales 70% during the month of sale 15% in the first month after sale 10% in the second month after sale 4% in the third month after sale 1% uncollectible Sales on account for the last six months of the year were reported as follows: July P120,000 October P180,000 August 140,000 November 200,000 September 160,000 December 170,000 Required: 2. A/R balance on the Balance Sheet as of Dec. 31

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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