Mitchell Company had the following budgeted sales for the last half of last year: ...
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Accounting
| Mitchell Company had the following budgeted sales for the last half of last year: |
| Cash Sales | Credit Sales | |
| July | $70,000 | $170,000 |
| August | $75,000 | $190,000 |
| September | $54,000 | $150,000 |
| October | $59,000 | $154,000 |
| November | $69,000 | $220,000 |
| December | $100,000 | $440,000 |
| The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: |
| Collections on credit sales: |
| 40% in month of sales |
| 30% in month of following sales |
| 30% in second month following sales |
| What is the budgeted accounts receivable balance on December 1? |
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