(Appendix 10A) Taft Corporation Collects Cash from Customers as Follows

question 30

Multiple Choice

(Appendix 10A) Taft Corporation collects cash from customers as follows: 60% in the month of sale, 20% in the month after sale, 19% in the second month after sale, and 1% is never collected. Bad debts are written off annually in December. Budgeted sales are all on credit and amount to:
May $600,000
June 700,000
July 500,000
August 600,000
What is the budgeted amount of cash to be collected in July?

• A) $560,000
• B) $554,000
• C) $558,000
• D) $551,000

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