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Firdavs [7]
3 years ago
5

Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of busines

s are $240,000, $300,000, and $420,000, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in September from accounts receivable are:
a. $%192,000
b. $%168,000
c. $240,000
d. $134,400
Business
1 answer:
Blizzard [7]3 years ago
7 0

Answer:

The collections in September from accounts receivable will be d. $134400

Explanation:

First we need to determine the amount of credit sales for the month of September.

Credit sales = total sales - cash sales

Credit sales- September = 240000 - (240000 * 0.2) = 192000

The credit sales for september will be $192000.

The question states that 70% of credit sales will be collected in the month of sale. So, September's collection from accounts receivables will be:

Collection- September = 192000 * 0.7 = 134400

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2 years ago
Select the correct text in the passage. Which sentence describes a cooperative organization? Cohen and his friends work in a coo
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6 0
3 years ago
The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accou
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Answer:

Cash $426,800.00

Debit side $6,500,000.00

Credit side $6,500,000.00

Explanation:

Preparation of the Unadjusted trial balance

SEASIDE Unadjusted Trial Balance

DEBIT SIDE

Cash 426,800.00

Accounts Receivable 660,500.00

Prepaid Insurance 21,600.00

Supplies 11,200.00

Land 1,850,000.00

Dividends 36,000.00

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Rent Expense 390,000.00

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TOTAL $6,500,000.00

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Accounts Payable 118,600.00

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Credit side $6,500,000.00

8 0
2 years ago
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