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problem: Budgeted sales for the 2nd quarter of year for Reuben Company are as follows:

 

Budgeted Sales

April

$400,000

May

200,000

June

600,000

The company normally collects 60% in the month of sale, 30% in the month following the sale and ten percent in the second month following the month of the sale.
Actual sales in February and March were dollar 600,000 & dollar 500,000 respectively.

Required:
[A] Make a schedule of cash collections on accounts receivable for the 2nd quarter.

[B] Determine the estimated ending balance in Accounts Receivable on June 30?

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M917976

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