gnbexam09 - GNB 11/e Practice Exam Chapter 9 Print these...

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GNB 11/e Practice Exam – Chapter 9 Print these pages. Answer each of the following questions, explaining your answers or showing your work, as appropriate, and then compare your solutions to those provided at the end of the practice exam. 1. Rockford Company's sales are 50% in cash and 50% on credit. Seventy percent of the credit sales are collected in the month of sale, 20% in the month following sale, and 5% in the second month following sale. The remainder is expected to be uncollectible. The following are budgeted sales data: October November December Total sales $280,000 $240,000 $320,000 Part (a) How much of the December sales are expected to be collected during December? Part (b) What is the budgeted amount of total cash receipts in December? 2. Rand Company plans to sell 96,000 units during the month of August. If the company has 20,000 units on hand at the start of the month, and plans to have 16,000 units on hand at the end of the month, how many units must be produced during the month?
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3. Rowling Company produces and sells photo albums. To guard against out of stock situations,
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This note was uploaded on 10/13/2010 for the course ACCT 203 taught by Professor Schorg during the Spring '07 term at Loyola New Orleans.

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gnbexam09 - GNB 11/e Practice Exam Chapter 9 Print these...

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