RedTop Company anticipates total sales for June and July of $540,000 and $472,000, respectively. Cash sales are

Question:

RedTop Company anticipates total sales for June and July of $540,000 and $472,000, respectively. Cash sales are normally 30% of total sales. Of the credit sales, 25% are collected in the same month as the sale, 70% are collected during the first month after the sale, and the remaining 5% are collected in the second month. Determine the amount of reported on the company’s budgeted as of July 31.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...