Business, 16.03.2020 22:17 Jana1517

Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $249,000, $304,000, and $410,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale and 30% in the month following the sale. The cash collections in November are a.$215,250 b.$463,380 c.$386,150 d.$102,500

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Answer from: justyne2004

The Cash Collections in the month of November are c. $386,150.

Explanation:

Months September October November

Sales $249,000 $304,000 $410,000

Cash Collected (25%) 62,250 76,000 102,500

⇒ Sales on Account $186,750 $228,000 $307,500

Collections of Rec.

Last Month (30%) 68,400

Current Month (70%) 215,250

Total Collections $386,150

Workings for November:

Last Month Collection = 228,000 * .3 = 68,400

Current Month Collection = 307,500 * .7 = 215,250

Total Collections = 68,300 + 215,250 + 102,500 = $386,150.

I hope the format and alignment remain the same. Thanks!

Answer from: prettyprincess9643

c) $386,150

Explanation: $

Cash sales (25%) = 25% × 410,000 = 102,500

Sales on Account:

70% month of sale = 70% * (100-25)% × $410,000 = 215,250

30% month after sale = 30% × (100-25%) × $304,000 = 68,400

Total cash collection for Nov. 386,150

Total cash collection for November:

=102,500 + 215,250 + 68,400

= $386,150

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Answer from: Quest

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