Shown below are the budgeted sales for Tim Company for the next seven months: Budgeted...
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Accounting
Shown below are the budgeted sales for Tim Company for the next seven months: Budgeted Sales April ........... $106,700 May ............. $134,200 June ............ $ 94,300 July ............ $119,800 August .......... $165,400 September ....... $ 82,100 October ......... $103,600 All sales are made on account. On average, Tim Company collects 17% of its sales in the month of sale, 36% is collected in the month following sale, 28% is collected in the second month following sale, and the remaining 19% is collected three months after the month of sale. Calculate Tim Company's budgeted accounts receivable atAugust 31.
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