Oakton Furniture provided the following Information relevant to its sales for December Year 1 and the first quarter of Year 2: February Year 2 (Budgeted) $ 164,000 $ 39,000 Credit sales Cash sales Multiple Choice 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. Total budgeted cash receipts In February are expected to be: O O $44,160. $54,720. $60,000. December Year 1 January Year 2 (Actual) (Budgeted) $ 69,000 $ 149,000 $ 19,000 $ 34,000 $194,300. March Year 2 (Budgeted) $ 119,000 $ 21,000

Oakton Furniture provided the following Information relevant to its sales for December Year 1 and the first quarter of Year 2: February Year 2 (Budgeted) $ 164,000 $ 39,000 Credit sales Cash sales Multiple Choice 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. Total budgeted cash receipts In February are expected to be: O O $44,160. $54,720. $60,000. December Year 1 January Year 2 (Actual) (Budgeted) $ 69,000 $ 149,000 $ 19,000 $ 34,000 $194,300. March Year 2 (Budgeted) $ 119,000 $ 21,000

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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