The BRS Corporation makes collections on sales according to the following schedule: 45% in month of...
The BRS Corporation makes collections on sales according to the following schedule:
| 45% in month of sale |
| 48% in month following sale |
| 7% in second month following sale |
The following sales have been budgeted:
| Sales | ||
| April | $ | 120,000 |
| May | $ | 100,000 |
| June | $ | 140,000 |
Budgeted cash collections in June would be:
Multiple Choice
-
$119,400
-
$140,000
-
$140,840
-
$111,000
Homework Answers
Computation of Budgeted cash collection in the month of June:
Collection of cash in the same month = $140000*45% = $63000
Collection of May month sale in June = $100000*48% = $48000
Collection of April month sale in June = $120000*7% = $8400
Total cash collected in the month of June = $63000 + $48000 + $8400 = $119400.
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The BRS Corporation
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