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dedylja [7]
3 years ago
9

Wallace Publishers Inc. collects 50% of its sales on account in the month of the sale and 50% in the month following the sale. I

f sales on account are budgeted to be $380,000 for April and $334,000 for May, what are the budgeted cash receipts from sales on account for May
Business
1 answer:
Taya2010 [7]3 years ago
4 0

Answer:

Total cash collection may= $362,000

Explanation:

Giving the following information:

Wallace Publishers Inc. collects 50% of its sales on account in the month of the sale and 50% in the month following the sale.

Sales on account:

April=  $380,000

May= $334,000

<u>Cash collection May:</u>

Sales on account from May= 344,000*0.5= 172,000

Sales on account from April= 380,000*0.5= 190,000

Total cash collection may= $362,000

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