TB MC Qu. 7-30 (Algo) Oakton Furniture provided the following... Oakton Furniture provided the following...
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TB MC Qu. 7-30 (Algo) Oakton Furniture provided the following... 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 $ 69,000 $ 149,000 $ 164,000 $ 119,000 Cash sales $ 19,000 $ 34,000 $ 39,000 $ 21,000 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 $44,160. $60,000.Incorrect $40,020. $54,720.
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