On october 1st of the current year molloy corporation, Ask an Expert

Accounting

On October 1st of the current year, Molloy Corporation prepared a cash budget for October, November, and December. All of Molloy sales are made on account. The following information was used in preparing estimated cash collections:

Aug sales (actual) 50,000

Sep sales (actual) 60,000

Oct sales. (estimated) 30,000

Nov sales (estimated) 80,000

Dec sales (estimated) 70,000

approximately 65% of all sales are collected in the month of the sale, 20% is collected in the following month, and 15% is collected in the month thereafter

budgeted collections from customers in October total

a. 49,500

b. 31,500

c. 140,000

d. 39,000

budgeted collections from customers in Nov total:

a. 170,000

b. 68,500

c. 67,000

d. 58,000

Dec

a. 66,000

b. 61,500

c.180,000

d. 63,500

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91960888

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