Gallonte Incorporated began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, $100,000, and $70,000, respectively, what were the firm's budgeted collections for the quarter? Multiple Choice None of the answers is correct $141,000 $207,000 $160,000 О $171,000

Gallonte Incorporated began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, $100,000, and $70,000, respectively, what were the firm's budgeted collections for the quarter? Multiple Choice None of the answers is correct $141,000 $207,000 $160,000 О $171,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9EB: Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25%...

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