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Q1) Sales budget of Mulls Company for fourth quarter of 2009 is given below:

Sales

October

November

December

 

$96,000

$72,000

$108,000

Sales are 20% cash (20% of 108,000 is 21,600) and 80% credit (accounts receivable).

Collections on credit sales are given below:

50% in month of sale

30% in month following sales

15% in second month following sale

5 % uncollectible

Payments for inventory are 70% in month following purchase and 30% two months following purchase.

find out cash collections for December.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916798

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