Marigold Corp. reported the following information for 2022: October November December $420000 $380000 $470000 $260000 $196000 $228000 Budgeted sales Budgeted purchases • All sales are on credit. • Customer amounts on account are collected 50% in the month of sale and 50% in the following month. Cost of goods sold is 35% of sales. . • Marigold purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. • Accounts payable is used only for inventory acquisitions. How much cash will Marigold receive during November? O $380000 O $190000 O $425000 O $400000

Marigold Corp. reported the following information for 2022: October November December $420000 $380000 $470000 $260000 $196000 $228000 Budgeted sales Budgeted purchases • All sales are on credit. • Customer amounts on account are collected 50% in the month of sale and 50% in the following month. Cost of goods sold is 35% of sales. . • Marigold purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. • Accounts payable is used only for inventory acquisitions. How much cash will Marigold receive during November? O $380000 O $190000 O $425000 O $400000

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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