Romona Company expects its November sales to be 10% higher than its October sales of...
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Romona Company expects its November sales to be 10% higher than its October sales of $160,000. All sales are on credit and are collected as follows: 30% in the month of the sale and 65% in the following month. Purchases were $130,000 in October and are expected to be $160,000 in November. Purchases are paid 30% in the month of purchase and 70% in the following month. The cash balance on November 1 is $13,700. The cash balance on Novamber 30 will be O A. $31,500 OB. $17,800 O C. $170,500 OD. $4,100
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