Question
ClassQuestI Corporation, a company located in Tacoma, WA, had the following sales. SEP OCT NOV DEC JAN FEB Total Sales $120,000 $100,000 $90,000 $150,000 $120,000
ClassQuestI Corporation, a company located in Tacoma, WA, had the following sales.
|
| SEP | OCT | NOV | DEC | JAN | FEB |
| Total Sales | $120,000 | $100,000 | $90,000 | $150,000 | $120,000 | $80,000 |
10% of all sales are cash sales. The rest are credit sales. Credit sales are collected as follows: 20% in the month of sale, 70% in the month following sale, and 10% in the second month following sale.
Required: Calculate the Accounts Receivable balance as at November 30th
| $51,000 | |
| $73,800 | |
| $82,000 | |
| $81,000
|
ClassQuestI Corporation, a company located in Tacoma, WA, had the following sales.
|
| SEP | OCT | NOV | DEC | JAN | FEB |
| Total Sales | $120,000 | $100,000 | $90,000 | $150,000 | $120,000 | $80,000 |
10% of all sales are cash sales. The rest are credit sales. Credit sales are collected as follows: 20% in the month of sale, 70% in the month following sale, and 10% in the second month following sale.
Required: Calculate the Accounts Receivable balance as at February 28th
| $68,400 | |
| $72,000 | |
| $10,000 | |
| $76,000 |
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Information Technology Audit Handbook
Authors: Doug Dayton
1st Edition
0136143148, 978-0136143147
