Triumph Company budgeted sales on account of P120,000 for July; P211,000 for August; and P198,000 for September. Collection experience indicates that 60% of the budgeted sales will be collected the month after the sale, 36% will be collected the second month, and 4% will be uncollectible. The cash receipts from accounts receivable that should be budgeted for September would be 1. P 169,800 2. P 147,960 3. P 197,880 4. P 194,760 O 2 4. 3,

Triumph Company budgeted sales on account of P120,000 for July; P211,000 for August; and P198,000 for September. Collection experience indicates that 60% of the budgeted sales will be collected the month after the sale, 36% will be collected the second month, and 4% will be uncollectible. The cash receipts from accounts receivable that should be budgeted for September would be 1. P 169,800 2. P 147,960 3. P 197,880 4. P 194,760 O 2 4. 3,

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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Prepare a budgeted income statement for July. Please present your solution in a good form and income statement in good form.
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