Richards Corporation has the following budgeted sales for the first half of next year: The company is in the process of preparing a cash budget and must determine the expected cash collections by month.To this end,the following information has been assembled: The accounts receivable balance on January 1 is $70,000.Of this amount,$60,000 represents uncollected December sales and $10,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 30?
A)$81,000
B)$68,000
C)$60,000
D)$141,000

Question

Richards Corporation has the following budgeted sales for the first half of next year:  The company is in the process of preparing a cash budget and must determine the expected cash collections by month.To this end,the following information has been assembled:  The accounts receivable balance on January 1 is $70,000.Of this amount,$60,000 represents uncollected December sales and $10,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 30?
A)$81,000 
B)$68,000 
C)$60,000 
D)$141,000

Quizplus · Accepted Answer

May 30 accounts receivable balance:
 11eaa3fe_3276_0fdf_908b_093395be7da9_TB2461_00

Richards Corporation Has the Following Budgeted Sales for the First