Asked by Jayla Ashley on May 10, 2024
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Petal Co. reported the following information for 2016: October November December \quad\quad\quad\quad\quad\quad\quad\quad\text { October } \quad \text { November }\quad \text { December } October November December
Budgeted sales $930,000$870,000$1,080,000\text { Budgeted sales } \quad \$ 930,000 \quad \$ 870,000 \quad \quad\$ 1,080,000 Budgeted sales $930,000$870,000$1,080,000 ?All sales are on credit. ?Customer amounts on account are collected 50% in the month of sale and 50% in the following month.
How much is the November 30 2016 budgeted Accounts Receivable?
A) $900000
B) $540000
C) $465000
D) $435000
Accounts Receivable
Money owed to a business by its clients or customers for goods or services delivered but not yet paid for.
Budgeted Sales
Budgeted sales are the projected amounts of revenue a company anticipates earning from the sale of goods or services during a specific period, forming a key part of financial planning.
Customer Amounts
Sums of money owed by customers to a business, typically arising from the purchase of goods or services on credit.
- Calculate budgeted accounts receivable based on sales and collection patterns.
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Learning Objectives
- Calculate budgeted accounts receivable based on sales and collection patterns.
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