The company expects to sell 20 of its merchandise for cash., Ask an Expert

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Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $240,000, $300,000, and $420,000, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in September from accounts receivable are:

a) $240,000

b) $134,400

c) $192,000

d) $168,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9401631

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