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What is the ending balance of accounts receivable for March

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Question - Madden Inc. has the following sales budget for the first two quarters of next year:

January $250,000

February $200,000

March $230,000

April $220,000

May $245,000

June $198,000

Cash collections have been determined to follow the pattern below:

  • 60 percent of sales collected in month of sales
  • 25 percent of sales collected in month after sale
  • 12 percent of sales collected two months after sale
  • 3 percent of sales is uncollectible

What is the ending balance of accounts receivable for March, assuming uncollectibles are "written off" at the end of the second month (Uncollectibles from August would be "written off" at the end of October, before the financial statements are prepared.)

A) $129,500

B) $30,000

C) $122,000

Reference no: EM132350572

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