Normal No Spac... Heading 1 Heading 2 Heading 3 Heading 4 Paragraph Styles QUESTION 24 1. LeMinton Company expects the following credit sales for the first five months of the year: January $36,000, February, $51,000; March, $41,000; April, $47,000, May $51,000. Experience has shown that payment for the credit sales is received as follows: 60% in the month of sale, 20% in the first month after sale, 10% in the second month after sale, and the remainder is uncollectible. How much cash can LeMinton Company expect to collect in March as a result of credit sales (current and past)? $41,000. $34,800 $35,500 $38,400. C $24,600 QUESTION 23 1. Information pertaining to Yekstop Corp.'s sales revenue is presented below! November December January Cash sales $ 98,000 $ 127,000 $80,000 Credit sales 290,000 452,000 236,000 Total sales $ 388,000 $ 579,000 $316,000 Management estimates that 5% of credit sales are eventually uncollectible of the collectible credit sales, 65% are likely to be collected in the month of sale and the remainder in the month following the month of sale. The company desires to begin each month with an inventory equal to 70% of the sales projected for the month. All purchases of inventory are on open account: 30% will be paid in the month of purchase, and the remainder paid in the month following the month of purchase Purchase costs are approximately 60% of the selling prices. Total budgeted cash collections for Yekstop Corp. in December are $376,020 C$556.185. $502,535 $496,255 S508,200