Budgeting Vern's makes all sales on account, subject to the following collection pattern: 20% are collected...

Budgeting Vern'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. Required: If sales for October, November and December were $171,662, $198,213, and $145,268, respectively, what was the budgeted receivables balance on December 31?

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ekkarill92 answered 2 years ago

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