Multiple Choice
Benjamin Corporation began its operations on September 1 of the current year.Budgeted sales for the first three months of business are $250,000, $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 from accounts receivable in November are:
A) $305,200.
B) $294,000.
C) $235,200.
D) $381,500.
Correct Answer:
Verified
Correct Answer:
Verified
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