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Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the...

Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $316,000, and $412,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale and 30% in the month following the sale.

The cash collections in November are

a.$216,300

b.$390,400

c.$468,480

d.$103,000

business   accounting   
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Answer #1

Cash Collections in November = ($412,000 * 25%) + ($412,000 * 75% * 70%) + ($316,000 * 75% * 30%) = $103,000 + $216,300+ $71,100 = $390,400

Option B is the correct answer.

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