Question
Three Sisters Catering prepared the following sales budget: Month Cash Sales Credit Sales March $20,000 $10,000 April $36,000 $16,000 May $42,000 $40,000 June $54,000 $48,000
Three Sisters Catering prepared the following sales budget:
| Month | Cash Sales | Credit Sales |
| March | $20,000 | $10,000 |
| April | $36,000 | $16,000 |
| May | $42,000 | $40,000 |
| June | $54,000 | $48,000 |
Credit collections are 35% in the month of sale, 55% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be uncollectible.
9) What are the total cash collections in May at Three Sisters Catering?
A) $65,800 B) $21,800 C) $66,200 D) $76,400
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Internal Auditing: Principles And Techniques
Authors: Richard L. Ratliff, W. Wallace, Walter B. Mcfarland, J. Loeboecke
1st Edition
0894131672, 978-0894131677
