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MyLife Chronicles Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $170,000 for June and $200,000 for July, what are the budgeted cash receipts from sales on account for Jul

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Answer:

The budgeted cash receipts from sales on account for July is $179,000

Explanation:

budgeted sales on account June  $170,000

budgeted sales on account July  $200,000

Therefore budgeted cash receipts from sales on account for July:

(0.7 X   $170,000) + (0.3 X $200,000) = $ 179,0000

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