Campbell and Campbell Company reported the following information for the current year:
Campbell and Campbell Company reported the following information for the current year:
January February March April May
Budgeted sales $240,000 $310,000 $290,000 $360,000 $200,000
Budgeted purchases $90,000 $120,000 $128,000 $144,000 $88,000
All sales are on credit.
Customer accounts receivable are collected: 50% in the month of sale and 50% in the following month.
Cost of goods sold is 35% of sales.
Campbell and Campbell purchases and pays for merchandise as follows: 60% in the month of purchase and 40% in the following month.
Accounts payable is used only for inventory purchases.
How much cash will Campbell and Campbell Company receive during March?
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