A firm has projected sales in May, June, and July of $100, $200, and $300, respectively. The firm makes 20 percent of sales for cash and collects the balance one month following the sale. The firm's total cash receipts in July

a. are $200.
b. are $220.
c. are $180.
d. cannot be determined with the information provided.

b. are $220.

Explanation:

Given that firm makes 20 percent of sales for cash and collects the balance one month following the sale. It means that cash collected in July will consist of 20% of the sales in the month of July and 80% of the sales in the previous month of June.

As such, if projected sales in May, June, and July of $100, $200, and $300, respectively, the firm's total cash receipts in July

= (20% × $300) + (80% × $200)

= $60 + $160

= $220

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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