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Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the...

Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business September, October, and November are $231,000, $309,000, and $430,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale.

The cash collections expected in November from accounts receivable are projected to be:

a.$240,800

b.$340,872

c.$197,540

d.$284,060

business   accounting   
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Answer #1

Expected cash collections in November

= October sales (309,000*70%*20%) + November sales (430,000*70%*80%)

= 43,260 + 240,800

= 284,060

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