how much cash will be collected during August
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Polk Retailers is developing cash and other budget information for July, August, and September. At June 30, Polk had cash of $6,600, accounts receivable of $524,000, inventories of $371,280, and accounts payable of $159, The budget is to be based on the following assumptions: 85% are collected by the end of the month, 10% are collected by the end of the second month, and 5% prove uncollectible. Actual and projected sales are as follows: A. $297,306 B. $272,518 C. $262,300 D. $389,600 |