The Gingham Company\'s budgeted income statement reflects the following amounts:

Question

The Gingham Company's budgeted income statement reflects the following amounts: Sales are collected 50% in the month of sale, 20% in the month following sale, and 29% in the second month following sale. 1 percent of sales is uncollectible and expensed at the end of the year. Gingham pays for all purchases in the month following purchase and takes advantage of a 1% discount. The following balances are as of January 1: *Of this balance. $19,200 will be collected in January and the remaining amount will be collected in February. The monthly expense figures include $4,000 of depreciation. The expenses are paid in the month incurred. Gingham's expected cash balance at the end of January is: $83,000. $67,820. $90,820. $79,000. $71,820. Gingham's budgeted cash receipts in February are: $72,000. $99,890. $100,800. $76,000. $100,440. You did NOT receive full credit for this question in previous a

Explanation / Answer

10) c

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