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,...

70.2K

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) $ 47,000
September sales (actual) $ 57,000
October sales (estimated) $ 27,000
November sales (estimated) $ 77,000
December sales (estimated) $ 67,000

Approximately 65% of all sales are collected in the month of the sale, 20% is collected in the following month, and 15% is collected in the month thereafter.

Budgeted collections from customers in November total:

Multiple Choice

  • $65,500.

  • $64,000.

  • $161,000.

  • $55,450.

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

Biology
1.2K views

Explain the different types of secondary metabolites, listing the major chemical group types and some examples...

Chemistry
1.2K views

Calculate the solubility (in grams per 1.00×102mL of solution) of magnesium hydroxide in a solution buffered...

Electrical Engineering
1.2K views

Two arrays “Array1” and “Array2” are given with 25 words each. Design an ARM assembly code...

Physics
1.2K views

In the figure shown S and S are effective point sources of radiation excited by...

Basic Math
1.2K views

A rhombus is a four-sided figure with all sides the same length. Points F(-2,-2), G(-2,...

Calculus
1.2K views

An engineer is designing a pipeline which is supposed to connect two points P and...

Calculus
1.2K views

a The formula for the sum of an infinite geometric series S 1 7 may...

Calculus
1.2K views

A particle moves along the x axis so that its velocity at any time v...

Accounting
1.2K views

Anker Corp. has a project available with the following cash flows: Which of the following...

Accounting
1.2K views

Find accounting rate of return. Kingbird is considering introducing a new fad toy, Topico....

Accounting
1.2K views

A physical inventory count revealed that the following was on hand on 30 June 20.21:...

Finance
1.2K views

XYZ inc.s stock has a required rate of return of 9.0% and it sells for...