Soup Inc. has the following budgeted sales: January $60,000, February $80,000, and March $90,000. 40% of...
Soup Inc. has the following budgeted sales: January $60,000, February $80,000, and March $90,000. 40% of the sales are for cash and 60% are on credit. For the credit sales, 75% are collected in the month of sale, and 25% the next month. The total budgeted cash receipts for March are:
Homework Answers
Cash receipts for March
= March sales (90,000*40%) + (90,000*60%*75%) + February sales (80,000*60%*25%)
= 36,000 + 40,500 + 12,000
= 88,500
Comment if you face any issues
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