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Determine how much is company budgeted accounts receivable

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Reference no: EM132550597

A Company reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2020 are:

                                                March             April           May          June                 July

Budgeted sales               $300000.        $289600.     $320100.   $280200.       $210100

Budgeted purchases.         $144700.         120200.       $128900.   $132400.   $89100

  • Customer amounts on account are collected 65% in the month of sale and 35% in the following month.
  • Cost of goods sold is 70% of sales.
  • Company purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month.
  • Operating expenses are: Salaries, $50100; Depreciation, $12500; Rent, $14000; and Utilities, $13500.
  • Accounts payable is used only for inventory acquisitions.

Question 1: How much is company's May 31, 2020 budgeted Accounts Receivable?

Option 1: $320100

Option 2: $112035

Option 3: $208065

Option 4: $309425

Reference no: EM132550597

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