The projected or budgeted sales for Elite Accessories Inc. for three months are shown below. The company...
The projected or budgeted sales for Elite Accessories Inc. for three months are shown below. The company expects to sell 10% of its merchandise for cash. Of the sales on account, 60% are expected to be collected in the month of the sale and the remaining 40% in the following month. The accounts receivable balance on January 1 was $370,000. What would be the amount of the cash sales for the month of January?
|
JANUARY |
FEBRUARY |
MARCH |
|
|
Budgeted Sales |
$1,080,000 |
$1,240,000 |
$970,000 |
A.$1,080,000 B.$370,000 C.$108,000 D. $972,000
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Homework Answers
| Correct Option C i.e. $108,000 | ||||
| JANUARY | FEBRUARY | MARCH | ||
| Budgeted Sales | 1,080,000 | 1,240,000 | 970,000 | |
| Cash Sales Percentage | 10% | 10% | 10% | |
| Amount of Cash SALES | 108,000 | 124,000 | 97,000 | |
| (1080000*10%) | (1240000*10%) | (970000*10%) | ||
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