Calculation of accounts receivable.
The Pitney Company's sales are 40% cash and 60% credit. 50% of credit sales are collected in the month of sale, 30% in the month following the sale, and 20% is collected two months after. Budgeted sales data is as follows:
|
June
|
$120,000
|
|
July
|
$80,000
|
|
August
|
$100,000
|
Accounts receivable at the end of August are?