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July 07, 2020, 04:00:39 am

Author Topic: Budgeting  (Read 408 times)  Share 

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Seamus Wong

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Budgeting
« on: October 30, 2019, 05:42:43 pm »
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If a question says that "10% of accounts receivable pay in the month following the sale", does that mean that if a business made $10,000 in credit sales in one month - e.g. March -, they would receive the $1,000 (10%) in March? Or would they receive the $1,000 in April?
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NomotivationF

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Re: Budgeting
« Reply #1 on: October 30, 2019, 05:46:34 pm »
+2
If a question says that "10% of accounts receivable pay in the month following the sale", does that mean that if a business made $10,000 in credit sales in one month - e.g. March -, they would receive the $1,000 (10%) in March? Or would they receive the $1,000 in April?

If they earn 10k in march they'd receive 1k in april
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Seamus Wong

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Re: Budgeting
« Reply #2 on: October 30, 2019, 05:50:35 pm »
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If they earn 10k in march they'd receive 1k in april

thanks man
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ATAR: 97.65


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Monash Uni - Bachelor of Commerce (Finance) / Bachelor of CompSci (Data Science)

accountboi

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Re: Budgeting
« Reply #3 on: November 01, 2019, 05:09:03 pm »
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Hey,

You should include GST for the receipt from accounts receivable. So it would be $1,100 for April because the accounts receivable balance is $11,000 (credit sale + GST).