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Use the following information to answer the five questions in the quiz: Door & Window Co. was organized on August 1 of the current year. Projected...

Use the following information to answer the five questions in the quiz: Door & Window Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows:


August


$120,000

September


200,000

October


230,000


The company expects to sell 40% of its merchandise for cash. Of the sales on account, 25% are expected to be collected in the month of the sale and the remainder in the following month.

What are the total credit sales for August: (Points : 3)
$120,000
$72,000
$48,000
None of the above

2. What are the total credit sales for October: (Points : 3)
$92,000
$120,000
$138,000
None of the above

3. What are the total cash collections for August? (Points : 3)
$120,000
$72,000
$48,000
$66,000

4. What are the total cash collections for September? (Points : 3)
$164,000
$80,000
$200,000
$120,000

5. What are the total cash collections for October? (Points : 3)
$230,000
$138,000
$216,500
$92,000



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