7. The Khaki Corporation has the following budgeted sales data: e. None of the above. Ine answer is The regular pattern of collection of credit sales is 30% in the month of sale, 60% in the month following sale, and the remainder in the second month following the month of sale. There are no bad debts. The budgeted accounts receivable balance on February 28 would be: Questions \#8, 9 and 10 Refer to the following data [Hint: Much more information than is needed] Bracken Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follows: * Sales are budgeted at $330,000 for November, $350,000 for December, and $400,000 for January. * Collections are expected to be 80% in the month of sale, 19% in the month following sale, and 1% uncollectible. * The Cost of Goods Sold is 60% of sales. * The company would like to maintain ending inventory equal to 70% of the next month's Cost of Goods Sold. Payment for merchandise is made in the month following purchase. * Other monthly expenses to be paid in cash are $21,800. * Monthly Depreciation is $19,000. * Ignore Taxes. 8. Expected cash collections in December are: a. $334,000 c. $252,400 b. 342,700 d. 400,000 e. None of the above. The answer is