question archive Seagram Corporation makes all sales on account
Seagram Corporation makes all sales on account
Subject:AccountingPrice: Bought3
Seagram Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $200,000, of which $120,000 pertain to sales that were made during June. Budgeted sales for July are $1,000,000. Seagram collects 70& of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale.
What are Seagram's budget collections for July?
