Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cave hardware's forecasted sales for april, may, j

Cave Hardware's forecasted sales for April, May, June, and July are $200,000, $230,000, $190,000, and...

50.1K

Verified Solution

Question

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?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

6. How does the mechanism by which diuresis occurs with diabetes insipidus differ from that which occurs...

Programming
1.2K views

Excel In Sell/Hold Column, use Logical function to determine whichstockshould sell or hold.For stock in either Financials...

Psychology
1.2K views

-Explain the “right ear” advantage and why it exists -How fo the Wada test and split...

Biology
1.2K views

2 Dimples are a dominant trait If a man who is homozygous dominant for dimples...

Basic Math
1.2K views

Consider the given function f(x) = -3(x+1) +12.(a) Determine whether the graph of the parabola...

Accounting
1.2K views

2) Short Grass incorporated is a distributor of golf balls. Martin's...

Accounting
1.2K views

Please show the solution step by step.Thank you! The...

Accounting
1.2K views

Pacific Ink had beginning work-in-process inventory of $1,069,960 on October 1. Of this...

Accounting
1.2K views

Do Not Plagiarism! write a summarize of 250 words minimum" Feminist Ethics" by Alison M....

Accounting
1.2K views

Please classify each account for Specialty Cupcakes Bakery into the proper category. **Note: "Other Income...

Finance
1.2K views

4.E.43 Question Help Consider the following choices between paying rent and making house payments. Including...

Accounting
1.2K views

A machine costing $213,200 with a four-year life and an estimated $16,000 salvage value is...