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. $%192,000
b. $%168,000
c. $240,000
d. $134,400
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Which payment system is most likely to delay on online purchase
Answers (1)
An advertiser rents a rectangular billboard that is 21.5 ft wide and 13 ft tall. The rent is $12 per square foot. For a billboard three times as tall, the advertiser has to pay $30,186. Is this reasonable? Explain.
Answers (2)
Fox Co. reported $225,000 in income before income taxes for its first year with tax depreciation exceeding its book depreciation by $25,000. Fox also had nondeductible book expenses of $10,000 related to permanent differences.
Answers (1)
Timing of entry into the Indian market brought different results for PepsiCo and Coca-Cola India. What benefits or disadvantages accrued as a result of earlier or later market entry?
Answers (1)
Direct mail is a form of what Advertising media
Answers (1)
New Questions in Business
Randolf, a wealthy connoisseur of arts, was invited to an art exhibition. He became very interested in one of the showcased paintings and approached the manager to buy the piece.
Answers (2)
To cut costs, a broker-dealer hires some college interns. The firm allows the interns to make calls to potential clients to market investment opportunities in stocks, bonds, and mutual funds. This action would be:
Answers (1)
Galla Inc. needs to determine a price for a new product. Galla desires a 25% markup on the total cost of the product. Galla expects to sell 5,000 units.
Answers (1)
A table that shows annual compound rates of growth between selected periods of time. a. quality of life c. growth triangle b. real GDP d. standard of living
Answers (1)
In a perpetual inventory system: a. Merchandise Inventory is debited every time inventory is purchased b. cost of Goods Sold is debited every time inventory is sold c. a physical inventory is taken at least annually d. All of the above.
Answers (1)