Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on october 1 of the current year, molloy corporati

On October 1 of the current year, Molloy Corporation prepared a cash budget for October,...

80.2K

Verified Solution

Question

Accounting

On October 1 of the current year, Molloy Corporation prepared a cash budget for October, November, and December. All of Molloy's sales are made on account. The following information was used in preparing estimated cash collections: August sales (actual) $ 40,000 September sales (actual) $ 50,000 October sales (estimated) $ 20,000 November sales (estimated) $ 70,000 December sales (estimated) $ 60,000 Approximately 60% of all sales are collected in the month of the sale, 30% is collected in the following month, and 10% is collected in the month thereafter. Budgeted collections from customers in October total: Select one: a. $110,000. b. $27,000. c. $31,000. d. $39,000.

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

Psychology
1.2K views

1.    What were the contribution of Koffka and Kohler and why do you think the Gestalt movement...

Economics
1.2K views

On Wal-Mart and Health Care Policy case, what are the issues, interests, informations, alternative strategy and recommendations.

Physics
1.2K views

The nature of the image of a candle flame located 40 cm from a concave...

Statistics
1.2K views

A grocery store manager did a study to look at the relationship between the amount...

Algebra
1.2K views

2 Find the exact value of the following logarithmic expression logs

Algebra
1.2K views

In an inverse variation x 6 y a What is the equation that represents the...

Accounting
1.2K views

- Comnanunama is lawal'c I andina Camirac 1+4IICl

Accounting
1.2K views

Shiffon Electronics manufactures music player. Its costing system uses two cost categorles, direct materials and...

Accounting
1.2K views

On June 30, Year 3, Baird Company's total current assets were $505,000 and its total...

Accounting
1.2K views

ALLESSANDRO SCARLATTI COMPANY Balance Sheet (Partial) December 31, 2017 Current...

Finance
1.2K views

The balance sheet for Quinn Corporation is shown here in market value terms. There are...

Accounting
1.2K views

The bank statement for Darling Company shows a balance per bank of RM15,907.45 on June...