the month of sale, 55% in the first month after sale, 22% in the second month after sale, and 3% is uncollectible. How much cash can Justin expect to collect in November as a result of current and past credit sales? Multiple Choice $35,420. $46,820. $49,620. $44,220. $46,000.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
![Justin Company's budget includes the
following credit sales for the current year:
September, $41,000; October, $52,000;
November, $46,000; December, $48,000.
Credit sales are collected as follows: 20% in
the month of sale, 55% in the first month
after sale, 22% in the second month after
sale, and 3% is uncollectible. How much
cash can Justin expect to collect in
November as a result of current and past
credit sales?
Multiple Choice
$35,420.
$46,820.
$49,620.
$44,220.
$46,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0f354114-ad39-459b-95b3-9677682fab43%2Fc540be51-4f60-4405-8b2c-0881ef5c5ec3%2F5ncbqvp_processed.jpeg&w=3840&q=75)
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