Kerrie Inc. collects 25% of its sales on account in the month of the sale and...
Kerrie Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales on account are budgeted to be $417,000 for September and $350,000 for October, what are the budgeted cash receipts from sales on account for October?
Homework Answers
Calculation of Cash receipts for the month of October
The Cash receipts for the month of October will comprise of the followings
- 75% of the sales made in September (As october is the month following september)
- 25% of the sales made in October (Being the month of sale)
75% of the sales made in September = $417,000 * 0.75
= $312,750
25% of the sales made in October = $350,000 * 0.25
= $87500
Therefore total cash receipts in October
= $312,750 + $87,500
= $400,250
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