Kingston anticipates total sales for June and July of $350,000 and $408,000, respectively. Cash sales are normally 60% of total sales. Of the credit sales, 20% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31.
Sales | total sales | credit sales | percent still uncollected | amount uncollected |
---|---|---|---|---|
June | 350,000 | 140,000 | 15% | 21,000 |
July | 408,000 | 244,800 | 80% | 195,840 |
Total | 216,840 |
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Kingston anticipates total sales for June and July of $350,000 and $408,000, respectively. Cash sales are normally 60% o...
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