Parvis makes all sales on account, subject to the following collection pattern: 25% are collected in...
Parvis makes all sales on account, subject to the following collection pattern: 25% are collected in the month of sale; 60% are collected in the first month after sale; and 15% are collected in the second month after sale. If sales for October, November, and December were $77,000, $67,000, and $57,000, respectively, what was the budgeted receivables balance on December 31?
Homework Answers
Budgeted receivable balance on December 31
= (December sales× (1-25%))+(November sales×(1-25% -60%))
=(57000×75%)+ (67000×15%)
= $ 52800
Thus the correct answer is
Budgeted receivable balance as on December 31 = $ 52800
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