Kingston budgets total sales for June and July of $520,000 and $418,000, respectively. Cash sales...
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Accounting
Kingston budgets total sales for June and July of $520,000 and $418,000, respectively. Cash sales are 65% of total sales. Of the credit sales, 20% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the companys budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 3
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