Justin Company's budget includes the following credit sales for the current year: September, $42,000; October, $53,000; November, $47,000; December, $49,000. Credit sales are collected as follows: 10% in the month of sale, 65% in the first month after sale, 23% in the second month after sale, and 2% is uncollectible. How much cash can Justin expect to collect in November as a result of current and past credit sales?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Justin Company's budget includes the following credit sales for the current year: September, $42,000; October, $53,000; November, $47,000;
December, $49,000. Credit sales are collected as follows: 10% in the month of sale, 65% in the first month after sale, 23% in the second month after sale,
and 2% is uncollectible. How much cash can Justin expect to collect in November as a result of current and past credit sales?
Multiple Choice
$47,000.
$51,610.
$37,410.
$48,810.
$46,210.
Transcribed Image Text:Justin Company's budget includes the following credit sales for the current year: September, $42,000; October, $53,000; November, $47,000; December, $49,000. Credit sales are collected as follows: 10% in the month of sale, 65% in the first month after sale, 23% in the second month after sale, and 2% is uncollectible. How much cash can Justin expect to collect in November as a result of current and past credit sales? Multiple Choice $47,000. $51,610. $37,410. $48,810. $46,210.
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