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

The Answer of 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

Richards Corporation Has the Following Budgeted Sales for the First