Harrti Corporation Has Budgeted for the Following Sales: Sales

question 150

Multiple Choice

Harrti Corporation has budgeted for the following sales: Sales are collected as follows: 10% in the month of sale; 60% in the month following the sale; and the remaining 30% in the second month following the sale. In Harrti's budgeted balance sheet at December 31, at what amount will accounts receivable be shown?

• A) $690,000
• B) $219,000
• C) $621,000
• D) $840,000

---

Definitions:

Price Ceiling

A legal maximum price that can be charged for a good or service, aimed at preventing prices from becoming prohibitively high.

Price Ceiling

A price ceiling is a government-imposed limit on the price that can be charged for a product or service, intended to prevent prices from rising too high.

Low-Income People

Individuals or groups who earn significantly less than the average income level in their society.

Price Ceilings

Government-imposed limits on how high a price can be charged for a product or service.