Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Romona Company expects its November sales to be 15% higher than its October sales of $210,000. Al sales are on credit and are collected as

image text in transcribed
Romona Company expects its November sales to be 15% higher than its October sales of $210,000. Al sales are on credit and are collected as follows: 30% in the month of the sale and 65% in the following month. Purchases were $100,000 in October and are expected to be $190,000 in November. Purchases are paid 30% in the month of purchase and 70% in the following month. The cash balance on November 1 is $13,100. The cash balance on November 30 will be O A. $68,850 O B. $95,050 OC. $222,050 OD. $81,950

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_2

Step: 3

blur-text-image_3

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

Auditing The Ultimate Guide To Performing Internal And External Audits

Authors: Greg Shields

1st Edition

1647483344, 978-1647483340

More Books

Students also viewed these Accounting questions

Question

List the advantages and disadvantages of the pay programs. page 505

Answered: 1 week ago