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Author Question: Freemore Company has the following sales budget for the last six months of 2018: ... (Read 451 times)

Haya94

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on: Mar 6, 2021
Freemore Company has the following sales budget for the last six months of 2018:

July$204,000October$180,000
August  170,000November   201,000
September 205,000December  180,000

Sales are immediately due, however the cash collection of sales, historically, has been as follows:
 55% of sales collected in the month of sale,
 35% of sales collected in the month following the sale,
 7% of sales collected in the second month following the sale, and
 3% of sales are uncollectible.

What is the ending balance of accounts receivable for the end of September, assuming uncollectible balances are written off at the end of the second month following the sale?
◦ $260,550
◦ $134,070
◦ $113,375
◦ $109,250
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by Haya94 on Mar 6, 2021

emilymalinowski12

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Reply #1 on: Mar 6, 2021
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bastien Drevon

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Reply #2 on: Apr 14, 2021
Thank you
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