Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

BusyBody Company expects its November sales to be 15% higher than its October sales of $230,000 . Purchases were $150,000 in October and are expected

BusyBody Company expects its November sales to be 15% higher than its October sales of $230,000. Purchases were $150,000 in October and are expected to be $130,000 in November. All sales are on credit and are collected asfollows: 30% in the month of the sale and 65% in the following month. Purchases are paid 35% in the month of purchase and 65% in the following month. The cash balance on November 1 is $13,300. The cash balance on November 30 will be

A.

$72,550

B.

$99,150

C.

$242,150

D.

$ 85,850

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

12th edition

134725980, 9780134726656 , 978-0134725987

More Books

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago

Question

Define Decision making

Answered: 1 week ago

Question

What are the major social responsibilities of business managers ?

Answered: 1 week ago