Hasboro Inc. makes a sales budget (all sales on account) for the next quarter as...
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Accounting
Hasboro Inc. makes a sales budget (all sales on account) for the next quarter as follows:
| April | May | June | |
| Budgeted Dollar Sales | $250,000 | $310,000 | $275,000 |
From past experience, Hasboro knows that it will collect 25% of the sales in the month of the sale, 65% of the sales in the month following the sales, and the remaining 10% of sales two months after the month of sale. What will the Accounts Receivable balance show at the end of June? At the end of June, the AR balance will be:
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