Goodenough GmbH had the following budgeted sales for the given months: Cash Sales Credit Sales May $48,000 $221,000 June $40,000 $284,000 July $31,000 $212,000 August $54,000 $203,000 September $54,000 $210,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on Credit sales: 60% in month of sale 30% in month following sale 10% in second month following sale The Accounts Receivable balance on May 1 was $79,000. Of this amount, $61,000 represented uncollected April sales and $18,000 represented uncollected March sales. Part 1: Given these data, the total cash collected during May would be: $Answer 1 Question 12 Part 2: What is the budgeted Accounts Receivable on September 1?

Answer rating: 100% (QA)

Part 1 To find the total cash collected during May we need to calculate the cash collected from cred... View the full answer