Gallonte Inc. began operations in April of this year. It makes all sales on account,...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 50% are collected in the first month after sale; and 30% are collected in the second month after sale. If sales for April, May, and June were $59,000, $79,000, and $69,000, respectively, what were the firm's budgeted collections for June?
Multiple Choice
$13,800.
$45,300.
$53,300.
$71,000.
None of the answers is correct.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
