On October 1 of the current year, Malone Corporation prepared a cash budget for October, November,...
On October 1 of the current year, Malone Corporation prepared a cash budget for October, November, and December. All of Malone's sales are made on account. The following information was used in preparing estimated cash collections:
| August sales (actual) | $ | 49,000 | |
| September sales (actual) | $ | 59,000 | |
| October sales (estimated) | $ | 29,000 | |
| November sales (estimated) | $ | 79,000 | |
| December sales (estimated) | $ | 69,000 | |
Approximately 60% of all sales are collected in the month of the sale, 30% is collected in the following month, and 10% is collected in the month thereafter.
Budgeted collections from customers in November total:
Multiple Choice
-
$68,000.
-
$62,000.
-
$56,100.
-
$167,000.
Homework Answers
| November sales (79,000*60%) | 47,400 |
| October sales (29,000*30%) | 8,700 |
| September sales (59,000*10%) | 5,900 |
| Collection in November | 62,000 |
Option B
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