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Q1) Wright Corporation started its operations on Sept. 1 of present year. Forecasted sales for first three months of business are $240,000, $300,000, and $420,000 respectively for Sept, Oct, and Nov. Company expects to sell 20% of those sales for cash and 80% on account. Of sales on account, 70% are expected to gather in month of sale, 25% in month following sale, and 5% in next month.

In October total cash collections are expected to be:    

i) $300,000

ii) $276,000

iii) $216,000

iv) $168,000

v) $ 60,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916766

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