Author Question: The following information pertains to the January operating budget for Casey Corporation. Budgeted ... (Read 152 times)

big1devin · **on:** Mar 6, 2021

The following information pertains to the January operating budget for Casey Corporation.

∙	Budgeted sales for January $209,000 and February $109,000.

∙	Collections for sales are 60% in the month of sale and 40% the next month.

∙	Gross margin is 35% of sales.

∙	Administrative costs are $10,000 each month.

∙	Beginning accounts receivable is $25,000.

∙	Beginning inventory is $23,000.

∙	Beginning accounts payable is $72,000. (All from inventory purchases.)

∙	Purchases are paid in full the following month.

∙	Desired ending inventory is 20% of next month's cost of goods sold (COGS).

At the end of January, budgeted accounts receivable is ________.
◦ $43,600
◦ $83,600
◦ $125,400
◦ $165,800

Ksanderson1296 · **Reply #1 on:** Mar 6, 2021

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