Golden Corporation is preparing its cash budget for the next year. Sales are expected to be at P100,000 for January; P200,000 for February; P300,000 for March; and P100,000 for April. Approximately half of the sales are cash basis and the other half are on account or on credit. Of the credit sales, 70% is collected on the following month; 20% on the second month, and 10% on the third month. What is the budgeted collection for April? 1. P 130,000 2. P 180,000 3. P 260,000 4. P 360,000

Golden Corporation is preparing its cash budget for the next year. Sales are expected to be at P100,000 for January; P200,000 for February; P300,000 for March; and P100,000 for April. Approximately half of the sales are cash basis and the other half are on account or on credit. Of the credit sales, 70% is collected on the following month; 20% on the second month, and 10% on the third month. What is the budgeted collection for April? 1. P 130,000 2. P 180,000 3. P 260,000 4. P 360,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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