Quattro makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, $80,000, and $70,000, respectively, what were the firm's budgeted collections for June?
A) $21,000.
B) $60,000.
C) $69,000.
D) $75,000.
E) $80,000.
Correct Answer:
Verified
Q29: The Grainger Company's budgeted income statement
Q30: The Grainger Company's budgeted income statement
Q31: Cyreno Corporation makes all purchases on account
Q32: Scream Corporation plans to sell 51,000 units
Q34: An examination of Tall Corporation's inventory
Q35: North Line Company manufactures a product
Q36: AlliCat Skateboards Inc. makes all sales on
Q37: Diamonds Inc. distributes whole cut diamonds
Q38: Campz Company began operations on January
Q67: End-of-period figures for accounts receivable and payables
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents