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Advocard [28]
3 years ago
14

Speedster Bicycles, Inc., collects 25% of its sales on account in the month of the sale and 75% in the month following the sale.

If sales are budgeted to be $250,000 for March and $280,000 for April, what are the budgeted cash receipts from sales on account for April
Business
1 answer:
elixir [45]3 years ago
8 0

Answer:

Total cash collection= $257,500

Explanation:

Giving the following information:

Sales:

March= $250,000

April= $280,000

Speedster Bicycles, Inc., collects 25% of its sales on account in the month of the sale and 75% in the month following the sale.

<u>Cash collection April:</u>

Sales on account from April= 280,000*0.25= 70,000

Sales on account from March= 250,000*0.75= 187,500

Total cash collection= $257,500

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