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Wright's sales budget for the third quarter of the upcoming year shows budgeted sales of $465,000, ...

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Wright's sales budget for the third quarter of the upcoming year shows budgeted sales of $465,000, ...

Wright's sales budget for the third quarter of the upcoming year shows budgeted sales of $465,000, $525,000, and $487,500 in July, August, and September, respectively. All sales are made on credit. The cash receipts budget for September shows total cash receipts equal to $459,975. Wright grants a discount to customers who pay within 10 days of the invoice. Wright collects 60% of sales within the discount period, 20% in the month of sale but outside the discount period, 15% in the month following sale and the remainder is uncollectible. What is the discount offered by Wright, and what are the cash collections in September associated with September sales?

▸ 3%; $381,225

▸ 2%; $384,150

▸ 3%; $283,725

▸ 2%; $477,750

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Managerial Accounting

Edition: 4^th

Author: Davis

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Smart ... Thanks!

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