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Wallace Publishers Inc. collects 50% of its sales on account in the month of the sale and 50% in the month following the sale. If sales on account are budgeted to be $380,000 for April and $334,000 for May, what are the budgeted cash receipts from sales on account for May

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Answer:

Total cash collection may= $362,000

Explanation:

Giving the following information:

Wallace Publishers Inc. collects 50% of its sales on account in the month of the sale and 50% in the month following the sale.

Sales on account:

April=  $380,000

May= $334,000

Cash collection May:

Sales on account from May= 344,000*0.5= 172,000

Sales on account from April= 380,000*0.5= 190,000

Total cash collection may= $362,000

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