Question
In: Accounting
Harrti Corporation has budgeted for the following sales: July $ 449,000 August $ 584,000 September $...
Harrti Corporation has budgeted for the following sales:
July $ 449,000
August $ 584,000
September $ 617,000
October $ 892,000
November $ 750,000
December $ 710,000
Sales are collected as follows: 15% in the month of sale; 65% in the month following the sale; and the remaining 20% in the second month following the sale. In Razz's budgeted balance sheet at December 31, at what amount will accounts receivable be shown?
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Expert Solution
accounts receivable at December 31=(0.20%*November sales)+(0.85*December sales)
=(0.2*750,000)+(0.85*710,000)
which is equal to
=$753500.
ekkarill92 answered 2 years agoRelated Solutions
Razz Corporation has budgeted for the following sales: July $425,000 August $510,000 September $605,000 October $860,000...
Razz Corporation has budgeted for the following sales:
July
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August
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September
$605,000
October
$860,000
November
$715,000
December
$680,000
Sales are collected as follows: 10% in the month of sale; 60% in the month following the sale; and the remaining 30% in the second month following the sale.
1. What is the budgeted total cash collected in December?
2. In Razz's budgeted balance sheet at December 31, at what amount will accounts receivable be shown?
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