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Unformatted text preview: Question 24 J Correctl Amounts ooilected during August include August sales plus amounts collected for July sales. Collection of August sales: $300,000 x 60% = $180,000; Collection of July sales: $330,000 x 40% = $132,000; Total = $100,000 + $132,000 = $312,000. Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts For the months ofJune through October are: —m_m-m—— $12 000 $132,000 $90,000 - Customer amounts on account are collected 60% in the month of sale and 40% in the following month. - Cost of goods sold is 45% of sales. - Drew purchases and pays for merchandise 30% in the month of acquisition and ?0% in the following month. How much cash is budgeted to be received during August? $100,000. $310,000. $291,000. $312,000. ...
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  • Fall '09
  • Sales, Following, $90,000, $310,000, $330,000, $12 000

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