Use the following information for the next 2 questions.
Taft Corporation collects cash from customers as follows: 60% in the month of sale, 20% in the month after sale, 19% in the second month after sale, and 1% is never collected. Bad debts are written off annually in December. Budgeted sales are all on credit and amount to:
-What is the budgeted amount of cash to be collected in July?
A) $560,000
B) $554,000
C) $558,000
D) $551,000

Question

Use the following information for the next 2 questions.
Taft Corporation collects cash from customers as follows: 60% in the month of sale, 20% in the month after sale, 19% in the second month after sale, and 1% is never collected. Bad debts are written off annually in December. Budgeted sales are all on credit and amount to: 
-What is the budgeted amount of cash to be collected in July?
A) $560,000 
B) $554,000 
C) $558,000 
D) $551,000

Quizplus · Accepted Answer

The Answer of Use the following information for the next 2 questions.
Taft Corporation collects cash from customers as follows: 60% in the month of sale, 20% in the month after sale, 19% in the second month after sale, and 1% is never collected. Bad debts are written off annually in December. Budgeted sales are all on credit and amount to: 
-What is the budgeted amount of cash to be collected in July?
A) $560,000 
B) $554,000 
C) $558,000 
D) $551,000

Use the Following Information for the Next 2 Questions