Question
A company has budgeted sales for June and July at $520,000 and $480,000, respectively. Sales are 80% credit, of which 50% is collected in the
A company
has budgeted sales for June and July at $520,000 and $480,000, respectively. Sales are 80% credit, of which 50% is collected in the month of sale and 50% is collected in the following month. What is the total cash collection during the month of July ?
| $208,000 | ||
| $308,000 | ||
| $400,000 | ||
| $192,000 |
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Contemporary Auditing
Authors: Michael C. Knapp
9th Edition
1133731244, 9781133731245
