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13 February, 20:33

MyLife Chronicles Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $170,000 for June and $200,000 for July, what are the budgeted cash receipts from sales on account for Jul

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  1. 13 February, 21:52
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    The budgeted cash receipts from sales on account for July is $179,000

    Explanation:

    budgeted sales on account June $170,000

    budgeted sales on account July $200,000

    Therefore budgeted cash receipts from sales on account for July:

    (0.7 X $170,000) + (0.3 X $200,000) = $ 179,0000
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