question archive The following is the sales budget for the given months of Mark, SRL:Cash SalesCredit SalesJuly$40,000$250,000August$56,000$241,000September$55,000$248,000October$49,000$198,000November$58,000$284,000Additional information to be used determining the expected cash collections each month that will be used in preparing the cash budget:Collections on Credit sales:65% in month of sale20% in month following sale15% in second month following saleThe Accounts Receivable balance on July 1 was $59,000

The following is the sales budget for the given months of Mark, SRL:Cash SalesCredit SalesJuly$40,000$250,000August$56,000$241,000September$55,000$248,000October$49,000$198,000November$58,000$284,000Additional information to be used determining the expected cash collections each month that will be used in preparing the cash budget:Collections on Credit sales:65% in month of sale20% in month following sale15% in second month following saleThe Accounts Receivable balance on July 1 was $59,000

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The following is the sales budget for the given months of Mark, SRL:Cash SalesCredit SalesJuly$40,000$250,000August$56,000$241,000September$55,000$248,000October$49,000$198,000November$58,000$284,000Additional information to be used determining the expected cash collections each month that will be used in preparing the cash budget:Collections on Credit sales:65% in month of sale20% in month following sale15% in second month following saleThe Accounts Receivable balance on July 1 was $59,000. Of this amount, $42,000 represented uncollected June sales and $17,000 represented uncollected May sales. Part 1:What is the expect cash to be collected in July? $AnswerPart 2:The budgeted Accounts Receivable on November 1 would be: Answer

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