Problem: A Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: April $500,000, May $700,000, June $240,000, Total Budgeted sales (all on account) $1,440,000.
From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. February sales totaled $430,000, and March sales totaled $460,000.
What is the accounts receivable balance on June 30th?
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