Polly Company's sales are 30% in cash and 70% on credit. Sixty percent of the credit sales are collected in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder is uncollectible. The following are budgeted sales data. What would be the budgeted total cash receipts in April? February January $60,000 Total Sales a. $42,760 b. $38,900 c. $47,900 d. $27,230 $75,000 March $52,000 April $38,000

Polly Company's sales are 30% in cash and 70% on credit. Sixty percent of the credit sales are collected in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder is uncollectible. The following are budgeted sales data. What would be the budgeted total cash receipts in April? February January $60,000 Total Sales a. $42,760 b. $38,900 c. $47,900 d. $27,230 $75,000 March $52,000 April $38,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 14EA: Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is...

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