Wallace publishers inc collects 85 of its sales on account, Financial Accounting

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Wallace publishers inc collects 85 of its sales on account

Wallace Publishers Inc. collects 85% of its sales on account in the month of the sale and 15% in the month following the sale.

If sales on account are budgeted to be $151,000 for April and $119,000 for May, what are the budgeted cash receipts from sales on account for May?

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Financial Accounting: Wallace publishers inc collects 85 of its sales on account

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Financial Accounting: Wallace publishers inc collects 85 of its sales on account

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