Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $410,000, of which $245,000 pertain to sales that were made during June. Budgeted sales for July are $1,260,000. Ross collects 65% of sales in the month of sale; 15% in the following month; and the final 20% in the second month after the sale. What is the budgeted balance of Ross's accounts receivable as of July 31? Multiple Choice $1,020,750 $581,000 $888,750 $1,064,000
Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $410,000, of which $245,000 pertain to sales that were made during June. Budgeted sales for July are $1,260,000. Ross collects 65% of sales in the month of sale; 15% in the following month; and the final 20% in the second month after the sale. What is the budgeted balance of Ross's accounts receivable as of July 31? Multiple Choice $1,020,750 $581,000 $888,750 $1,064,000
Chapter7: Budgeting
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Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...
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Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $410,000, of which $245,000 pertain to sales that were made during June. Budgeted sales for July are $1,260,000. Ross collects 65% of sales in the month of sale; 15% in the following month; and the final 20% in the second month after the sale.
What is the budgeted balance of Ross's accounts receivable as of July 31?
Multiple Choice
-
$1,020,750
-
$581,000
-
$888,750
-
$1,064,000
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