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Compute the amount of accounts receivable to be reported

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Reference no: EM132515819

Question 1: Ratchet Manufacturing anticipates total sales for August, September, and October of $290,000, $300,000, and $310,500 respectively. Cash sales are normally 25% of total sales and the remaining sales are on credit. All credit sales are collected in the first month after the sale. Compute the amount of accounts receivable to be reported on the company's budgeted balance sheet for August.

Multiple Choice

Option 1: $217,500.

Option 2: $72,500.

Option 3: $225,000.

Option 4: $75,000.

Option 5: $290,000.

Reference no: EM132515819

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