Aco is preparing its cash budget for the month of May. Aco estimated credit sales for May at $150,000.
GivenAco is preparing its cash budget for the month of May. Aco estimated credit sales for May at $150,000.
Actual credit sales for April were $120,000. Estimated collections in May for credit sales in May are 15%. Estimated collections in May for credit sales in April are 60%. Estimated collections in May for credit sales prior to April are $10,000. Estimated write-offs in May for uncollectible credit sales are $7,000. Estimated provision for bad debts in May for credit sales in May are $6,000.
Determine
estimated cash receipts from accounts revivable collection in May
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