Quattro began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 50% are collected in the first month after sale and 30% are collected in the second month after sale. If sales for April, May, and June were $50,000, $70,000, and $60,000, respectively, what were the firm's budgeted collections for April? $10,000. $12.000. $39,000. $40,000. Some other amount.

Quattro began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 50% are collected in the first month after sale and 30% are collected in the second month after sale. If sales for April, May, and June were $50,000, $70,000, and $60,000, respectively, what were the firm's budgeted collections for April? $10,000. $12.000. $39,000. $40,000. Some other amount.

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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