Uno makes all sales on account, subject to the following collectionpattern: 30% are collected in the month of sale; 60% are collected in thefirst month after sale; and 10% are collected in the second month aftersale. If sales for October, November, and December were P70,000,P80,000, and P60,000, respectively, what were the firm's budgetedcollections for December?

Budgets are forecast made to estimate the various incomes and expenses. Budgets also set a benchmark…

Answered: Uno makes all sales on account, subject…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Parvis makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 50% are collected in the first month after sale; and 20% are collected in the second month after sale. If sales for October, November, and December were $78,000, $68,000, and $58,000, respectively, what was the budgeted receivables balance on December 31? Multiple Choice O $67,000 None of the answers is correct. $54,200. $49,600. $40,600
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Kingbird needs to calculate the company’s expected cash receipts for the upcoming month to determine whether additional financing is needed. Typically, the company’s sales consist of 40% cash sales and 60% credit sales. Of the credit sales, 55% are collected in the same month, and 42% are collected in the following month. The remainder is generally uncollected. Total budgeted sales in June are $136,000 and in July are $186,000. What amount of total cash receipts would Kingbird expect to collect in July? Total cash receipts $enter the total cash receipts in dollars

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