The management accountant of G-Force Merchandising is preparing the cash budget for the third quarter of 2024. The following information was extracted from the sales and purchases budget Month 2024 Cash Sales Sales On Cash Purchases Purchases On Account Account May $138,100 $480,000 $345,000 June $156,500 $600,000 $25,800 $380,000 July $165,275 $650,000 $45,000 $400,000 August $118,440 $700,000 $30,400 $480,000 September $205,220 $800,000 $55,100 $540,000 Accounts receivable are settled according to the following credit pattern, in accordance with the credit terms 3/30, n90. 60% in the month of sale 30% in the first month the sale 10% in the second month following the sale What is the figure for Accounts Receivable to be reflected in the budgeted balance sheet at September 30? a. $320,000 b. $390,000 ○ c. $800,000 O d. $740,000

The management accountant of G-Force Merchandising is preparing the cash budget for the third quarter of 2024. The following information was extracted from the sales and purchases budget Month 2024 Cash Sales Sales On Cash Purchases Purchases On Account Account May $138,100 $480,000 $345,000 June $156,500 $600,000 $25,800 $380,000 July $165,275 $650,000 $45,000 $400,000 August $118,440 $700,000 $30,400 $480,000 September $205,220 $800,000 $55,100 $540,000 Accounts receivable are settled according to the following credit pattern, in accordance with the credit terms 3/30, n90. 60% in the month of sale 30% in the first month the sale 10% in the second month following the sale What is the figure for Accounts Receivable to be reflected in the budgeted balance sheet at September 30? a. $320,000 b. $390,000 ○ c. $800,000 O d. $740,000

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 3P: Budgeted selling and administrative expenses for King Tire Co. In P7-2 for the year ended December...

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