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The Tafoya Company has budgeted the following sales for the 1st quarter of 2008:

January $80,000
February $70,000
March $90,000

All sales are made on account. The company expects to collect 40% of sales on account in the month of the sale, 50% in the month following the sale, and the final 10% two months following the sale. Bad debts are immaterial to the budget. The balance in accounts receivable at the end of March will be:

A. $61,000
B. $54,000
C. $71,000
D. $64,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939313

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