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XYZ Company has budgeted sales for the next six months as follows: March April May June July August Budgeted Sales $129,000 $206,000 $148,000 $277,000 $193,000 ? 20% of the company's sales are cash sales and 80% of the company's sales are made on account. On average, 18% of the sales on account are collected in the month of sale, 46% is collected in the month following sale, 19% is collected in the second month following sale, and the remaining 17% is collected three months after the month of sale. XYZ Company's budgeted accounts receivable at August 31 totaled $162,956. Calculate XYZ Company's budgeted sales in August.

XYZ Company has budgeted sales for the next six months as follows: March April May June July August Budgeted Sales $129,000 $206,000 $148,000 $277,000 $193,000 ? 20% of the company's sales are cash sales and 80% of the company's sales are made on account. On average, 18% of the sales on account are collected in the month of sale, 46% is collected in the month following sale, 19% is collected in the second month following sale, and the remaining 17% is collected three months after the month of sale. XYZ Company's budgeted accounts receivable at August 31 totaled $162,956. Calculate XYZ Company's budgeted sales in August.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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XYZ Company has budgeted sales for the next six months as follows: March April May June July August Budgeted Sales $129,000 $206,000 $148,000 $277,000 $193,000 ? 20% of the company's sales are cash sales and 80% of the company's sales are made on account. On average, 18% of the sales on account are collected in the month of sale, 46% is collected in the month following sale, 19% is collected in the second month following sale, and the remaining 17% is collected three months after the month of sale. XYZ Company's budgeted accounts receivable at August 31 totaled $162,956. Calculate XYZ Company's budgeted sales in August.
Transcribed Image Text:XYZ Company has budgeted sales for the next six months as follows: March April May June July August Budgeted Sales $129,000 $206,000 $148,000 $277,000 $193,000 ? 20% of the company's sales are cash sales and 80% of the company's sales are made on account. On average, 18% of the sales on account are collected in the month of sale, 46% is collected in the month following sale, 19% is collected in the second month following sale, and the remaining 17% is collected three months after the month of sale. XYZ Company's budgeted accounts receivable at August 31 totaled $162,956. Calculate XYZ Company's budgeted sales in August.
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