Question 27 3.333 pts Amant Inc. has accumulated the following budget informatio

Question

Question 27 3.333 pts Amant Inc. has accumulated the following budget information for the next two months: Total Sales for March $240,000 and Total Sales for April-$200,000. The company expects to sell 40% of its merchandise for cash. Of the sales on account, 80% are expected to be collected in the month of the sale and the remainder in the following month. The balance of Accounts Receivable was $45,000 orn March 1. What would be the total amount expected to be collected from accounts receivable for the month of March [(credit sales for March x.8) + beginning balance of Accounts Receivable]? O $240,000 $192.000 O $141000 O $160,200 Question 28 3.333 pts Amant Inc. has accumulated the following budget information for the next two months: Total Sales for March $240,000 and Total Sales for April . $200,000. The company expects to sell 40% of its merchandise for cash. Of the sales on account, 80% are expected to be collected in the month of the sale and the remainder in the following month. The balance of Accounts Receivable was $45,000 on March 1. What would be the expected amount to be collected from the sales on account just for the month of April? $120000 $96,000 $200,000 $80,000

Explanation / Answer

27 Amount expected to be collected from Accounts Receivable for March=45000+(240000*60%*80%)= $160200 28 Amount expected to be collected from sales on account for April=(200000*60%*80%)= $96000

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