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2. Sales & Accounts Receivable Budget Past collections experienced by BJS Company indicate that 60% of the sales billed in a month are collected during the month of sales, 30% are collected in the following month, and 10% are collected in the second following month. The following are the projected sales for next year: January February March April May P 480,000 P 420,000 P 500,000 P 550,000 P 600,000 REQUIRED: Determine the following: A) Budgeted collections during the month of March. B) Budgeted collections during the month of May. C) Projected accounts receivable balance on April 1. D) Projected accounts receivable balance on June 1.

2. Sales & Accounts Receivable Budget Past collections experienced by BJS Company indicate that 60% of the sales billed in a month are collected during the month of sales, 30% are collected in the following month, and 10% are collected in the second following month. The following are the projected sales for next year: January February March April May P 480,000 P 420,000 P 500,000 P 550,000 P 600,000 REQUIRED: Determine the following: A) Budgeted collections during the month of March. B) Budgeted collections during the month of May. C) Projected accounts receivable balance on April 1. D) Projected accounts receivable balance on June 1.

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter8: Budgeting For Planning And Control
Section: Chapter Questions
Problem 34E: A companys sales for the coming months are as follows: About 20 percent of sales are cash sales, and...
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2. Sales & Accounts Receivable Budget Past collections experienced by BJS Company indicate that 60% of the sales billed in a month are collected during the month of sales, 30% are collected in the following month, and 10% are collected in the second following month. The following are the projected sales for next year: January February March April May P 480,000 P 420,000 P 500,000 P 550,000 P 600,000 REQUIRED: Determine the following: A) Budgeted collections during the month of March. B) Budgeted collections during the month of May. C) Projected accounts receivable balance on April 1. D) Projected accounts receivable balance on June 1.
Transcribed Image Text:2. Sales & Accounts Receivable Budget Past collections experienced by BJS Company indicate that 60% of the sales billed in a month are collected during the month of sales, 30% are collected in the following month, and 10% are collected in the second following month. The following are the projected sales for next year: January February March April May P 480,000 P 420,000 P 500,000 P 550,000 P 600,000 REQUIRED: Determine the following: A) Budgeted collections during the month of March. B) Budgeted collections during the month of May. C) Projected accounts receivable balance on April 1. D) Projected accounts receivable balance on June 1.
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Accounts Receivable in June 1 = $180,000 + $55,000 + $60,000 = $295,000
Where is 60k coming from?

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