Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. memphis company anticipates total sales for april,

Memphis Company anticipates total sales for April, May, and June of $890,000, $990,000, and $1,040,000...

50.1K

Verified Solution

Question

Accounting

Memphis Company anticipates total sales for April, May, and June of $890,000, $990,000, and $1,040,000 respectively. Cash sales are normally 30% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 10% are not collected. Compute the amount of cash received from total sales during the month of May.

a. $519,400

b. $634,200

c. $878,700

d. $581,700

e. $946,200

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

Finance
1.2K views

Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 430,836.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,125.00 Interest expense 40,500 42,404.00 Inventories 279,000 288,000 Long-term debt 339,829.00 400,384.00 Net...

Electrical Engineering
1.2K views

A classmate of yours in the mechatronics concentration notices that you study microwave engineering in your...

Physics
1.2K views

If you were to build a pipe organ with open-tube pipes spanning the range from...

Calculus
1.2K views

Find the bearing from the origin to A for the given value of 0 0...

Calculus
1.2K views

In the Theory of Relativity the length of an object depends on how fast it...

Algebra
1.2K views

13 5 points Find an equation for the line perpendicular to the line 2x 3y...

Accounting
1.2K views

Agree upon procedures engagements for asset based lending are Performed by...

Accounting
1.2K views

On October 1 brambles Carpet service borrows 142,000 from first district bank on a three...

Accounting
1.2K views

Required information Exercise 7-17 (Static) Record the sale of equipment (LO7-6) [The following information applies...

Accounting
1.2K views

Accounts Payable Subsidiary Ledger The debits and credits from two transactions are presented in the...

Accounting
1.2K views

49 The direct materials price variance is a. $22,800 favorable b....

Accounting
1.2K views

Amy Dyken, controller at Pearl Pharmaceutical Industries, a public company, is currently preparing the calculation...