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(LO 7) The Gardner Company expects sales for October of $238,000. Experience suggests that 45% of sales are for cash and 55% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $62,000. What is the amount of Accounted Receivables on the October 31 budgeted balance sheet?

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Answer:

$65,450

Explanation:

Calculation for the amount of Accounted Receivables on the October 31 budgeted balance sheet

Using this formula

Accounted Receivables on the October 31 budgeted balance sheet=Credit sales*October sales*Credit sales

Let plug in the formula

Accounted Receivables on the October 31 budgeted balance sheet=(55% * 238,000 *50%)

Accounted Receivables on the October 31 budgeted balance sheet=$65,450

Therefore the amount of Accounted Receivables on the October 31 budgeted balance sheet will be $65,450

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