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Debora [2.8K]
2 years ago
9

The regular pattern of collection of credit sales is 30% in the month of sale, 60% in the month following the month of sale, and

the remainder in the second month following the month of sale. There are no bad debts. The budgeted accounts receivable balance on May 31 would be:
Business
1 answer:
scZoUnD [109]2 years ago
3 0

Answer:

$242,000

Explanation:

Calculation for what The budgeted accounts receivable balance on May 31 would be

Accounts Receivable

Debit side

April 320,000

May 300,000

Total $620,000

Credit side

April 96,000 (30% x 320,000)

April 192,000 (60% x 320,000)

May 90,000 (30% x 300,000)

Total=$378,000

The budgeted accounts receivable balance=$620,000-$378,000

The budgeted accounts receivable balance=$242,000

Therefore The budgeted accounts receivable balance on May 31 would be $242,000

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The amount that should be allocated to Western Division is a function of the miles travelled on the Western division.

The amount to be allocated to Western Division : (miles travelled on Western division / total miles travelled) x cost of the revision

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Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on Decemb
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