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What were the firm budgeted collections for june

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Reference no: EM132882805

Problem 1: ABC makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, $80,000, and $70,000, respectively, what were the firm's budgeted collections for June?

Option 1: $60,000.
Option 2: $21,000.
Option 3: $69,000.
Option 4: $75,000.
Option 5: Some other amount.

Reference no: EM132882805

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