The Handel Company has obtained the following sales forecast data: July August September October Cash sales...
The Handel Company has obtained the following sales forecast data:
July August September October
Cash sales ..... $ 80,000 $ 70,000 $ 50,000 $ 60,000
Credit sales ... $260,000 $220,000 $200,000 $220,000
The regular pattern of collection of credit sales is 20% in the
month of sale, 70% in the month following the month of sale, and
the remainder (10%) in the second month following the month of
sale. There are no bad debts.
The budgeted accounts receivable balance on September 30 is:
| a. |
$196,000 |
|
| b. |
$182,000 |
|
| c. |
$148,000 |
|
| d. |
$126,000 |
The budgeted cash receipts for October are:
| a. |
$206,000 |
|
| b. |
$220,000 |
|
| c. |
$266,000 |
|
| d. |
$280,000 |
Homework Answers
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The Handel Company has obtained the following sales forecast
data:
July August September October
Cash sales...
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