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Ginobili has forecast sales to be $120,800 in February, $155,100 in March, $160,500 in April, and...

Ginobili has forecast sales to be $120,800 in February, $155,100 in March, $160,500 in April, and $177,600 in May. The average cost of goods sold is 70% of sales. 64% of sales are on made on credit, the rest are for cash. The sales on credit are collected 65% in the month of sale, and 35% the month following.

What are budgeted cash receipts on credit sales in March collected in March?

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Answer #1

budgeted cash receipts on credit sales in March collected in March.

= (155,100*64%*65%)

= 99,264 * 65%

= 94,521.6

= 94,522

Note that I have rounded some numbers. Comment if you face any issues

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