Bass, nv had the following budgeted sales for the given months: Cash Sales Credit Sales March $47,000 $272,000 April $49,000 $180,000 May $50,000 $194,000 June $54,000 $181,000 July $34,000 $186,000 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: 55% in month of sale 30% in month following sale 15% in second month following sale The Accounts Receivable balance on March 1 was $81,010. Of this amount, $71,010 represented uncollected February sales and $10,000 represented uncollected January sales. Part 1: Given these data, the total cash collected during March would be: $Answer 1 Question 23 Part 2: What is the budgeted Accounts Receivable on July 1?

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Part 1 To determine the total cash collected during March we need to calculate the cash collections ... View the full answer