Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. oakton furniture provided the following informatio

Oakton Furniture provided the following information relevant to its sales for December Year 1 and...

70.2K

Verified Solution

Question

Accounting

Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year 2: Dec. Year 1 Jan. Year 2 Feb. Year 2 Mar. Year 2 (Actual) (Budgeted) (Budgeted) (Budgeted) Credit sales $ 67,000 $ 147,000 $ 162,000 $ 117,000 Cash sales $ 17,000 $ 32,000 $ 37,000 $ 19,000 Based on the company's collection history, 42% of credit sales are collected in month of sale, and the remainder is collected in the following month. Cash collections in January from December credit sales would be: Multiple Choice $41,540. $52,640. $56,000. $38,860.

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

Profit or Loss on New Stock Issue Security Brokers Inc. specializes in underwriting new issues by small...

Accounting
1.2K views

Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000...

Operations Management
1.2K views

How do you think using a EWMA chart versus a Shewhart control chart would/would not work...

Physics
1.2K views

8 Let t 3t 4t 3 and 2 t 4t i 3tj represent the positions...

Geometry
1.2K views

The scale factor of the dimensions of two similar wood floors is 3 2 It...

Algebra
1.2K views

An employee contributes 50 per pay period to her health insurance premium She also contributes...

Accounting
1.2K views

You are the auditor of Pegasus Limited (Pegasus), a resources mining company. Pegasus owns and...

Accounting
1.2K views

Almost all current liabilities affect the operating category of the statement of cash flows, but...

Accounting
1.2K views

Relative to corporate finance, What are the main mechanisms through which creditors can increase the...

Accounting
1.2K views

In multiproduct companies, the sales mix is constant The price of a product or service...

Accounting
1.2K views

Exercise 10-9 Straight Line l: Amortization Exercise 10-9 Straight-Line:...

Accounting
1.2K views

Calculate the value of a bond with a face value of $1000, a coupon interest...