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At the beginning of quarter 1, customers owe Charcoal Co. $10,000. In the first quarter,...

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Accounting

At the beginning of quarter 1, customers owe Charcoal Co. $10,000. In the first quarter, Charcoal Co. budgets to sell 30,000 units at a selling price of $1.50 each. If Charcoal Co. collects 70% of cash for sales in the quarter in which the sale was made and 30% in the following quarter, what are cash collections for quarter 1?

  • A. $31,500
  • B. $41,500
  • C. $23,500
  • D. $45,000

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