# 218.png - Question 24 J Correctl Amounts ooilected during...

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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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