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The company is in the process of preparing a cash budget

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Reference no: EM13568955

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?

Reference no: EM13568955

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