Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year 2 Dec. Year 1Jan. Year 2Feb. Year 2Mar. Year 2 (Actual)(Budgeted)(Budgeted)(Budgeted)Credit sales$120,000 $280,000 $310,000 $220,000 Cash Sales$20,000 $50,000 $60,000 $24,000 Based on the company's collection history, 42% of credit sales are collected in month of sale and the remainder is collected in the following month. Cash collections in January from December credit sales would be:
A. $69,600.
B. $84,000.
C. $72,000.
D. $81,200.
Answer: A
You might also like to view...
When organizations leverage technical expertise to develop innovative products, they perform
the value chain activity of ________. A) infrastructure B) operations C) technological development D) procurement
Smart Art is a new business
During its first year of operations, credit sales were $44,000 and collections from credit sales were $32,000. One account for $625 was written off. Management uses the percent-of-sales method to account for bad debts expense and estimates 2% of credit sales to be uncollectible. What is the balance of Accounts Receivable at the end of the first year? A) $12,000 B) $10,495 C) $11,375 D) $11,120
Which of the following best completes the sentence, ‘To calculate ______, the cost to purchase a display ad on a site would be used to assign a dollar value to the impressions achieved socially.?
a. Social media equivalency. b. SMROI. c. ROI. d. Advertising equivalency. e. None of these.
Word processing features include
A. word wrap. C. spell checking. B. editing and text insertion. D. all of the above.