Question
27) Corbin Company has prepared the following sales budget: Month Cash Sales Credit Sales September $99,000 $250,000 October 225,000 180,000 November 310,000 210,000 December 94,000
27) Corbin Company has prepared the following sales budget:
Month Cash Sales Credit Sales
September $99,000 $250,000
October 225,000 180,000
November 310,000 210,000
December 94,000 170,000
Collections of credit sales are 50% in the month of sale, 40% in the month following sale, and 10% two months following sale. No uncollectible accounts are expected. What is the expected balance in Accounts Receivable at November 30?
A) $77,500
B) $105,000
C) $123,000 this is the correct answer. Please explain every step of how to get accts receivable
D) $210,000
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