Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection...
Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale.
If sales for April, May, and June were $63,000, $83,000, and $73,000, respectively, what were the firm's budgeted collections for June?
Homework Answers
| June | |
| Cash collections : | |
| 30% of June's sales ( 30% * 73000 ) | 21900 |
| 60% of May's sales ( 60% * 83000 ) | 49800 |
| 10% of April's sales ( 10% * 63000 ) | 6300 |
| budgeted cash collection for June | 78000 |
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