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Question - Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $400,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,250,000. Ross collects 70% of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale.
Required -
1. What is the budgeted balance?
2. What are Ross's budgeted collections for July?
3. What is the budgeted balance of Ross's accounts receivable as of July 31?
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