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QS 20-22(Algo) Computing budgeted accounts receivable LO P2 Kingston budgets total sales for...

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Accounting

QS 20-22(Algo) Computing budgeted accounts receivable LO P2
Kingston budgets total sales for June and July of $390,000 and $358,000, respectively. Cash sales are 60% of total sales. Of the
credit sales, 20% are collected in the month of sale, 60% are collected during the first month after the sale, and the remaining 20% are
collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted
balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31.
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