Camellia, a merchandising company, has provided the following extracts from their budget for the first quarter of the forthcoming yearJanFebSales (30% cash)March$750,000 $1,000,000$400,000The company collects 60% of credit sales in the same month and the balance in the next month Calculate the collections from the customers for the month of FebruaryOA $750,000OB $540,000OC. $427,000OD 1652,000Corre

A company makes sales to its customers on cash basis and credit basis.The sales made on credit basis…

Camelia, a merchandising company, has provided the following extracts from their budget for the first quarter of the forthcoming year Jan Feb March Sales (30% cash) $400,000 $750,000 $1,000,000 The company collects 60% of credit sales in the same month and the balance in the next month Calculate the collections from the customers for the month of February OA $750,000 OB $540,000 OC. $427.000 OD. 1652.000 CID

Camelia, a merchandising company, has provided the following extracts from their budget for the first quarter of the forthcoming year Jan Feb March Sales (30% cash) $400,000 $750,000 $1,000,000 The company collects 60% of credit sales in the same month and the balance in the next month Calculate the collections from the customers for the month of February OA $750,000 OB $540,000 OC. $427.000 OD. 1652.000 CID

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Estate Corp., has the following information: Month Budgeted Purchases January $27,600 February 29 900 March 29,500 April 29.680 May 26,090 Purchases are paid for in the following manner 10% of the purchase amount in the month of purchasc 50% of the purchase amount in the month after purchase 40% of the purchase amount in the second month after purchase Whal is the expected balance in Accounts Payatile as of March 317 OA. 526,550 B. $14,750 OC. $2,990 D. $38,510
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