Reference no: EM131760068

Question: Budgeted accounts receivable; cash; and income statementl In preparing its budget for July, Wade Inc. has the following information available:

Accounts Receivable at June 30 $ 750,000

Estimated credit sales for July 900,000

Estimated collections in July for credit sales in July and prior months 660,000

Estimated write-offs in July for uncollectible credit sales 27,000

Estimated provision for uncollectible accounts for credit sales in July 20,000

a. What is the projected balance ofAccounts Receivable at July 31?

b. Which of these amounts (if any) will affect the cash budget?

c. Which of these amounts (if any) will affect the budgeted income statement for ]uly?