Question
Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts...
Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $400,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,250,000. Ross collects 70% of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale.
What are Ross's budgeted collections for July?
Group of answer choices
$939,000
$1,275,000
$1,195,000
$915,000
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Answer #1
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Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts...
Ross Corporation makes all sales on account. The June 30th
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Budgeted sales for July are $1,250,000. Ross collects 70% of sales
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What are Ross's budgeted collections for July?
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