The Gretzky Company Has Budgeted the Following Sales for the 1^st

question 20

Multiple Choice

The Gretzky Company has budgeted the following sales for the 1^st quarter of 2012:

January $120,000
February $150,000
March $160,000
Only 20% of the company's sales are made in cash.The company expects to collect 30% of sales on account in the month of the sale, 60% in the month following the sale, and the final 10% will be collected two months following the sale.Bad debts are immaterial to the budget.Total budgeted cash collections in March will be:

• A)$128,000
• B)$182,000
• C)$152,000
• D)$120,000

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