joharihunter1155 joharihunter1155

20-06-2020
Business

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Kuzma Foods, Inc. has budgeted sales for June and July at $ 680 comma 000 and $ 765 comma 000, respectively. Sales are 85% credit, of which 70% is collected in the month of sale and 30% is collected in the following month. What is the budgeted Accounts Receivable balance on July 31?

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andromache andromache

23-06-2020

Answer:

$195,075

Explanation:

The computation of the budgeted account receivable balance as on July 31 is shown below:

= July budgeted sales × credit sales percentage × following month percentage

= $765,000 × 85% × 30%

= $195,075

We simply multiplied the July budgeted sales with the credit sales percentage and the following month percentage so that the budgeted account receivable balance could come

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