78. CSO: 1A4b LOS: 1A4x
Prudent Corporation’s budget for the upcoming accounting period reveals total sales of
$700,000 in April and $750,000 in May. The sales cash collection pattern is
20% of each month’s sales are cash sales.
5% of a month’s credit sales are uncollectible.
70% of a month’s credit sales are collected in the month of sale.
25% of a month’s credit sales are collected in the month following the
sale.
If Prudent anticipates the cash sale of a piece of old equipment in May for $25,000,
May’s total budgeted cash receipts would be
a. $560,000.
b. $702,500.
c. $735,000.
d. $737,500.
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