UIO Company makes all of its sales on account. UIOcollects its account as follows: 20% in the month of sale, 70% in the month following sale, and 10% in the second month following sale. UIO budget sales for the first quarter of the year as follows: January P176,000; February P168,000; and March P200,000. The accounts receivable balance on January 1 was P110,000 for sales made in November and December of the previous year. What is UIO's budgeted balance of accounts receivable at the end of March?
UIO Company makes all of its sales on account. UIOcollects its account as follows: 20% in the month of sale, 70% in the month following sale, and 10% in the second month following sale. UIO budget sales for the first quarter of the year as follows: January P176,000; February P168,000; and March P200,000. The accounts receivable balance on January 1 was P110,000 for sales made in November and December of the previous year. What is UIO's budgeted balance of accounts receivable at the end of March?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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UIO Company makes all of its sales on account. UIOcollects its account as follows: 20% in the month of sale, 70% in the month following sale, and 10% in the second month following sale. UIO budget sales for the first quarter of the year as follows: January P176,000; February P168,000; and March P200,000. The
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