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
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Chapter1: Financial Statements And Business Decisions
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Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year 2:
January Year 2 February Year 2
(Budgeted)
$ 149,000
$ 34,000
Credit sales
Cash sales
Multiple Choice
O
O
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:
$44,160.
$54,720.
December Year 1
$60,000.
(Actual)
$ 69,000
$ 19,000
$194,300.
(Budgeted)
$ 164,000
$ 39,000
March Year 2
(Budgeted)
$ 119,000
$ 21,000
Transcribed Image Text:Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year 2: January Year 2 February Year 2 (Budgeted) $ 149,000 $ 34,000 Credit sales Cash sales Multiple Choice O O 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: $44,160. $54,720. December Year 1 $60,000. (Actual) $ 69,000 $ 19,000 $194,300. (Budgeted) $ 164,000 $ 39,000 March Year 2 (Budgeted) $ 119,000 $ 21,000
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