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?

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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