Ebony Co. has forecast sales to be $300,000 in May, $375,000 in June, $475,000 in July and $600,000 in August. Forty percent of sales are made in cash, the remainder is on account. Credit sales are partially collected in the month of sale, with all collections completed by the end of the month following the sale. The August 31 accounts receivable is budgeted to be $108,000. What are budgeted cash collections for July?
A. $389,500
B. $267,000
C. $415,000
D. $457,000
Answer: D
You might also like to view...
You should use appendices in a document in order to _____________
a. bulk up the document b. streamline the document c. intimidate readers d. provide previous drafts of the document
Which of the following is/are not true?
a. Common and preferred stock usually have a par or stated value. b. Firms report amounts received from issuing common stock in excess of the par or stated value as Additional Paid-In Capital or a similar account title. c. Firms report amounts received from issuing common stock in excess of the par or stated value as Additional Paid-In Capital, or Capital in Excess of Par Value or a similar account title. d. The amounts in Additional Paid-In Capital for a firm usually exceeds the amounts in Common Stock, indicating that the firm issued common stock for substantially more than par value, a common practice among publicly traded firms. e. none of the above
A mechanism description uses a drawing or diagram
Indicate whether the statement is true or false
Haddows, Inc completed Job GH6 last month
The cost details of GH6 are shown below. Direct labor cost $2,040 Direct materials cost $87 Direct labor hours 4 hours Predetermined overhead allocation rate per direct labor hour $72 Number of units of finished product 31 Calculate the cost per unit of the finished product of Job GH6. (Round your answer to the nearest cent.) A) $2,127.00 B) $12.10 C) $75.10 D) $77.90