Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jugo, inc. made $350,000 in sales during the month

Jugo, Inc. made $350,000 in sales during the month of August, of which70% constituted sales...

90.2K

Verified Solution

Question

Accounting

Jugo, Inc. made $350,000 in sales during the month of August, of which70% constituted sales on account. The remaining amount were cash sales. In September, sales on account totaled $260,000, which represented80% of total sales during the month.
The company planned for $250,000 in sales for October and expects sales in November to be20% higher than October's sales. Budgeted sales are expected to be categorized as follows: 30% cash sales, 70% sales on account. Sales on account carry credit terms of net 30.
Based on prior experience, management believes80% of sales on account will be collected in the month following the month of sale.10% of sales on account will be collected in the second month following the month of sale and7% will be collected in the third month following the sale. The remaining3% of sales on account are not anticipated to be collected.
Given the information listed above, calculate the total expected cash receipts in November.
Question 4 options:
$273,150
$300,000
$255,650
$274,200
$183,150

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

Calculus
1.2K views

26 Which of the following shows the angle 108 in standard position A OB O...

Finance
1.2K views

Factors that result in higher or lower stock prices? What drives stock prices? Important factors that drive...

Physics
1.2K views

Explain echo and doppler effect in details

Electrical Engineering
1.2K views

Decreasing the quantization interval of an ADC will decrease the average quantization error, True or False.

Basic Math
1.2K views

Write an equation of the line containing the given point and parallel to the given...

Statistics
1.2K views

Suppose a poll of 892 adults asked whether increasing domestic energy production or protecting the...

Calculus
1.2K views

An airplane climbs at an angle of 11 at an average speed of 420 mph...

Calculus
1.2K views

The average price of a ticket to a baseball game can be approximated by p...

Algebra
1.2K views

em 10 Let oblem 10 a A T 4 2 5 1 6 16 2...

Accounting
1.2K views

assume the following information: amount per unit sales $ 300,000 $ 40 variable expenses 112,500...

Accounting
1.2K views

You want to get approval for a capital expense to bring the copy service back...

Accounting
1.2K views

3. Caruso Companys SUTA rate for next year is 2.9% because its reserve ratio falls...