Question
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $22,000 $13,000 April $40,000 $20,000 May $38,000 $40,000 June $59,000 $52,000 Credit
Feeney Furniture prepared the following sales budget:
Month Cash Sales Credit Sales
March $22,000 $13,000
April $40,000 $20,000
May $38,000 $40,000
June $59,000 $52,000
Credit collections are 30% in the month following the sale, and 62% in the month of sale. The remaining 8% is expected to be uncollectible.
What is the total cash received in April from the April sales at Feeney Furniture?
| a. | $52,400 | |
| b. | $60,000 | |
| c. | $12,400 | |
| d. | $27,600 |
please show steps, thank you!
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Intermediate Accounting Volume 2
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
8th Edition
1260881245, 9781260881240
