Question 23 ncements -/1 sions View Policies rences Current Attempt in Progress orations Swifty Corporation reported the following information for 2016: PLUS Support October November December Central $370000 $340000 $450000 Budgeted sales Budgeted purchases $140000 $156000 $198000 e 365 es All sales are on credit. a 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. Swifty 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 Swifty receive during November? O $395000 O $170000 O $355000 O $340000 8:57 PM ) 11/27/2019 (? search hp s end prt sc clelete & backspace lock 8 R 4 anter K G sed tri ey utNE gna Σ I

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 23
ncements
-/1
sions
View Policies
rences
Current Attempt in Progress
orations
Swifty Corporation reported the following information for 2016:
PLUS Support
October November December
Central
$370000 $340000 $450000
Budgeted sales
Budgeted purchases $140000 $156000 $198000
e 365
es
All sales are on credit.
a
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.
Swifty 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 Swifty receive during November?
O $395000
O $170000
O $355000
O $340000
8:57 PM
)
11/27/2019
(?
search
hp
s
end
prt sc
clelete
&
backspace
lock
8
R
4
anter
K
G
sed
tri
ey utNE gna
Σ
I
Transcribed Image Text:Question 23 ncements -/1 sions View Policies rences Current Attempt in Progress orations Swifty Corporation reported the following information for 2016: PLUS Support October November December Central $370000 $340000 $450000 Budgeted sales Budgeted purchases $140000 $156000 $198000 e 365 es All sales are on credit. a 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. Swifty 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 Swifty receive during November? O $395000 O $170000 O $355000 O $340000 8:57 PM ) 11/27/2019 (? search hp s end prt sc clelete & backspace lock 8 R 4 anter K G sed tri ey utNE gna Σ I
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