Capstone Publishers Inc. collects 10% of its sales on account in the month of the sale...
Capstone Publishers Inc. collects 10% of its sales on account in the month of the sale and 90% in the month following the sale.
If sales on account are budgeted to be $147,000 for April and $172,000 for May, what are the budgeted cash receipts from sales on account for May?
Homework Answers
Total cash collections in May is $149,500.
Working notes:
| Cash collections in May: | |
| April sales ($147,000*90/100) | $132,300 |
| May sales ($172,000*10/100) | $17,200 |
| Cash collections in May | $149,500 |
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