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Zhang Industries sells a product for $600. Unit sales for May were 500 and each month's sales are expected to grow by 2%. Zhang pays a sales manager a monthly salary of $4,500 and a commission of 1% of sales in dollars. Assume 35% of Zhang's sales are for cash. The remaining 65% are credit sales; these customers pay in the month following the sale. Compute the budgeted cash receipts for June.

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Answer:

the budgeted cash receipts for June is $306,000

Explanation:

The computation of the budgeted cash receipts for June is given below:

Sales for June 510 units (500 × 1.02)

Receipts from cash sales $107,100 (510 × $600 × 35%)  

Receipts from credit sales $198,900  (510 × $600 × 65%)  

Budgeted cash receipts for June $306,000

Hence, the budgeted cash receipts for June is $306,000

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