Kuzma Foods,Inc.has budgeted sales for June and July at $680,000 and $750,000,respectively.Sales are 90% credit,of which 70% is collected in the month of sale and 30% is collected in the following month.What is the budgeted Accounts Receivable balance on July 31?
A) $225,000
B) $202,500
C) $183,600
D) $675,000
Correct Answer:
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