June sales were $40,000 while projected sales for July and August were $50,000 and $60,000, respectively. Sales are 40% cash and 60% credit. All credit sales are collected in the month following the sale. Calculate expected collections for July.
Select one:
A. $50,000
B. $54,000
C. $44,000
D. $36,000
2 answers:
Answer
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Step-by-step explanation:
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Answer:
C. $44,000
Step-by-step explanation:
Projected sales;
June = $40,000
July = $50,000
August = $60,000
Sales are 40% cash and 60 % credit with credit sales collected in the month following the sale
Expected collection for July will include 40% sales in July and 60 % sales in June
Therefore,
Expected collection for July = (40% × $50,000) + (60% × $40,000)
= $20,000 + $24,000
= $44,000
The right option is C. $44,000.
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