Cave Hardware's forecasted sales for April, May, June, and July are $200,000, $230,000, $190,000, and...
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Accounting
Cave Hardware's forecasted sales for April, May, June, and July are $200,000, $230,000, $190,000, and $240,000, respectively. Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 75% of sales and ending inventory is maintained at $60,000 plus 10% of the following month's cost of goods sold. All inventory purchases are paid 22% in the month of purchase and 78% in the following month. What is the budgeted balance in Accounts Receivable at June 30?
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