Question
Thornton, Inc. has budgeted sales for the months of September and October at $305,000.00 and $262,000.00, respectively. Monthly sales are 20% credit and 80% cash.
Thornton, Inc. has budgeted sales for the months of September and October at $305,000.00 and $262,000.00, respectively. Monthly sales are 20% credit and 80% cash. Of the credit sales, 50% are collected in the month of sale, and 50% are collected in the following month. Calculate cash collections for the month of October.
A.$235,800.00
B.$274,500.00
C.$266,300.00
D. $300,700.00
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Clyde P. Stickney, Roman L. Weil
12th Edition
0324381980, 978-0324381986
