Author Question: Wright's sales budget for the third quarter of the upcoming year shows budgeted sales of $465,000, ... (Read 28 times)

parker123 · **on:** Feb 5, 2023

Wright's sales budget for the third quarter of the upcoming year shows budgeted sales of $465,000, $525,000, and $487,500 in July, August, and September, respectively. All sales are made on credit. The cash receipts budget for September shows total cash receipts equal to $459,975. Wright grants a discount to customers who pay within 10 days of the invoice. Wright collects 60% of sales within the discount period, 20% in the month of sale but outside the discount period, 15% in the month following sale and the remainder is uncollectible. What is the discount offered by Wright, and what are the cash collections in September associated with September sales?
◦ 3%; $381,225
◦ 2%; $384,150
◦ 3%; $283,725
◦ 2%; $477,750

gwisel · **Reply #1 on:** Feb 5, 2023

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