Chapter 3, Problem 3.2BE

General accounting question

Ferrari Industries is preparing its cash budget for the month of August. The company estimated credit sales for August at $320,000. Actual credit sales for July were $240,000. Estimated collections in August for credit sales in August are 30%. Estimated collections in August for credit sales in July are 55%. Estimated collections in August for credit sales prior to July are $22,000. Estimated write-offs in August for uncollectible credit sales are $14,000. The estimated provision for bad debts in August for credit sales in August is $12,000. What are the estimated cash receipts from accounts receivable collections in August?

I need help with question is correct answer and accounting

What is the ending inventory value?

I am looking for a reliable way to solve this financial accounting problem using accurate principles.

I am trying to find the accurate solution to this financial accounting problem with appropriate explanations.

Please provide the accurate answer to this general accounting problem using valid techniques.

What is the amount includible in income

ANSWER