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Rashid [163]
2 years ago
8

Morganton Company makes one product and it provided the following information to help prepare the master budget:The budgeted sel

ling price per unit is $70. Budgeted unit sales for June, July, August, and September are 8,500, 16,000, 18,000, and 19,000 units What is the accounts receivable balance at the end of July?

Business
1 answer:
cupoosta [38]2 years ago
8 0

Answer:

$672,000

Explanation:

The computation of the account receivable balance at the end of July month is shown below:

Particular          June              July          August            September

Unit sales         8,500           16,000      18,000             19,000

Unit selling

price                 $70               $70           $70                 $70

Sales               $595,000     $1,120,000 $1,260,000  $1,330,000

Credit sales collection

40% in this

month sale      $238,000      $448,000  $504,000    $532,000

60% in the

following month                     $357,000   $672,000   $756,000

Total collection  $238,000    $805,000  $1,176,000   $1,288,000

For the account receivable at the end of July we considered the 60% oustanding amount i.e $672,000

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Instructions are below.

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