Petal Co.reported the following information for 2022: $$\text { Budgeted sales } \quad \frac { \text { October } } { \$ 930,000 } \quad \frac { \text { November } } { \$ 870,000 } \quad \frac { \text { December } } { \$ 1,080,000 }$$
• All sales are on credit.
• Customer amounts on account are collected 50% in the month of sale and 50% in the following month.

How much is the November 30 2022 budgeted Accounts Receivable?

Question

Petal Co.reported the following information for 2022: $$\text { Budgeted sales } \quad \frac { \text { October } } { \$ 930,000 } \quad \frac { \text { November } } { \$ 870,000 } \quad \frac { \text { December } } { \$ 1,080,000 }$$ 
•	All sales are on credit. 
•	Customer amounts on account are collected 50% in the month of sale and 50% in the following month.

How much is the November 30 2022 budgeted Accounts Receivable?

Quizplus · Accepted Answer

The November 30, 2022 budgeted Accounts Receivable is 50% of November sales, which is $870,000 * 50% = $435,000.

Petal CoReported the Following Information for 2022 • All Sales Are on Credit