Kingston budgets total sales for June and July of $410,000 and $368,000, respectively. Cash sales are...

 

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Kingston budgets total sales for June and July of $410,000 and $368,000, respectively. Cash sales are 60% of total sales. Of the credit sales, 20% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31. Sales month June July Total Total Sales S 410,000 368,000 Credit Sales As of July 31 Percent Uncollected 15% 80% Amount Uncollected S 24,600 Kingston budgets total sales for June and July of $410,000 and $368,000, respectively. Cash sales are 60% of total sales. Of the credit sales, 20% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31. Sales month June July Total Total Sales S 410,000 368,000 Credit Sales As of July 31 Percent Uncollected 15% 80% Amount Uncollected S 24,600

Answer rating: 100% (QA)

As of July 31 Sales month Total Sales Credit Sales a Percent Still Uncollected b Amount U... View the full answer