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

Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $235,000, $307,000, and $421,000, 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 expected in October are

a.$265,920

b.$280,320

c.$218,920

d.$290,800

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--Correct Answer = Option 'D' $ 290,800

October
Cash sales from October ($3070000 x 25%) $76,750
Cash from Credit sales of:
September ($235000 x 75% x 30%) $52,875
October ($307000 x 75% x 70%) $161,175
Total Cash collections $290,800 Answer
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