Orchard Company has forecast sales to be $129,000 in February, $144,000 in March, $150,000 in April, and $141,000 in May. The average cost of goods sold is 70% of sales. All sales are made on credit, and sales are collected 70% in the month of sale and 30% in the month following. What is the budgeted Accounts Receivable balance on May 31? 6:42 PM

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Vaibhav 

Orchard Company has forecast sales to be
$129,000 in February, $144,000 in March,
$150,000 in April, and $141,000 in May. The
average cost of goods sold is 70% of sales.
All sales are made on credit, and sales are
collected 70% in the month of sale and
30% in the month following. What is the
budgeted Accounts Receivable balance on
May 31?
6:42 PM
Transcribed Image Text:Orchard Company has forecast sales to be $129,000 in February, $144,000 in March, $150,000 in April, and $141,000 in May. The average cost of goods sold is 70% of sales. All sales are made on credit, and sales are collected 70% in the month of sale and 30% in the month following. What is the budgeted Accounts Receivable balance on May 31? 6:42 PM
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