Gallonte Inc. began operations in April of this year. It makes all sales on account, subject...
Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 25% are collected in the month of sale; 55% are collected in the first month after sale; and 20% are collected in the second month after sale. If sales for April, May, and June were $64,000, $84,000, and $74,000, respectively, what were the firm's budgeted collections for April?
Homework Answers
April Sales = $64,000
Collection Pattern:
25% in month of sale
55% in first month after sale
20% in second month after sale
Budgeted Cash Collection in April = 25% * April Sales
Budgeted Cash Collection in April = 25% * $64,000
Budgeted Cash Collection in April = $16,000
So, budgeted cash collection for April is $16,000
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Gallonte Inc. began operations in April of this year. It makes
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