Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. assume a company is preparing a budget for its fir

Assume a company is preparing a budget for its first two months of operations. During...

60.1K

Verified Solution

Question

Accounting

image

Assume a company is preparing a budget for its first two months of operations. During the first and second months it expects cash sales of $40,000 and $44.000, respectively. It also expects credit sales of $60,000 and $70,000, respectively. The company expects to collect 60% of its credit sales in the month of the sale, 35% in the following month, and 5% is deemed uncollectible. What amount of cash collections would appear in the company's cash budget for the second month? Multiple Choice O $104,000 O $107.000 594,500 S42,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

x 32 x 1 X 5 15 Use variation of parameters to solve the nonhomogeneous...

Finance
1.2K views

You are a manager at Percolated? Fiber, which is considering expanding its operations in synthetic fiber...

Statistics
1.2K views

According to a recent​ report, 46% of college student internships are unpaid. A recent survey of...

Biology
1.2K views

Question 4 1 point 4 Listen Specifically molecules of chlorophyll are located in the membranes...

Physics
1.2K views

Thank you 15 Which of the following quantities related to a does not depend on...

Physics
1.2K views

15 Certain amount of an ideal gas are contained in a closed vessel The vessel...

Algebra
1.2K views

6x 2x 9x 3

Accounting
1.2K views

Question 21 Not yet answered Marked out of 0.50 Flag question of The business transaction...

Accounting
1.2K views

Subject: Engineering Economy PLEASE ANSWER IMMEDIATELY WITH COMPLETE SOLUTIONS, EXPLANATIONS, AND CASH FLOW DIAGRAM. A...

Finance
1.2K views

The Apex Company sold a water softener to Marty Smith. The price of the unit...

Finance
1.2K views

Down Payment and Loan Payments. Lucas wants to buy a used car that will cost...

Finance
1.2K views

What annual rate of return is earned on a $5,000 investment when it grows to...