Homework Answers
Answer:
| For Month Ended June 30 | |
| Budgeted Sales | $61,000 |
| Less: Ending accounts receivable [$61,000 x 40%] | ($24,400) |
| Cash sales | $36,600 |
| Collections of last month's receivables [$46,000 x 40%] | $18,400 |
| Total budgeted cash receipts | $55,000 |
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