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The following information pertains to the January operating budget for Dyn-o-Mite Corporation, a retailer: Budgeted sales, all on account, are $208,000 Collections of sales are
The following information pertains to the January operating budget for Dyn-o-Mite Corporation, a retailer: Budgeted sales, all on account, are $208,000 Collections of sales are 60% in the month of sale and 40% the next month Cost of goods sold averages 64% of sales Merchandise purchases total $154,000 Marketing costs are $3,600 each month Distribution costs are $5,000 each month Administrative costs are $10.500 each month December Accounts Receivable was $84,000. For January, cash collected from receivables is: $167,200 $208,800 $208,000 $84.000
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