Alpha CD's makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for October, November, and December were P70,000, P60,000, and P50,000, respectively, what was the budgeted receivables balance on December 31?
Alpha CD's makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for October, November, and December were P70,000, P60,000, and P50,000, respectively, what was the budgeted receivables balance on December 31?
Chapter7: Budgeting
Section: Chapter Questions
Problem 14EB: Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is...
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Alpha CD's makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for October, November, and December were P70,000, P60,000, and P50,000, respectively, what was the budgeted receivables balance on December 31?
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