x vechegg Stud! GuidedSol , C42300 D31a00AACS8 AM x ! https://newconnect.mheduca

Question

x vechegg Stud! GuidedSol , C42300 D31a00AACS8 AM x ! https://newconnect.mheducation.com/flow/connect.html TEST 2 6 Saved Help Seve & Exit Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year2 Dec. Year 1 0an. Year 2 Feb. Year 2 Mar. Year 2 (Actual) (Budgeted) (Budgeted) (Budgeted) $66,000 $16,e00 Credit sales 20t30S4) $146,808 31,000 $161,800 36,808 $116,000 s 18,0e0 Cash sales Based on the company's collection history, 42% of credit sales are collected in month of month. Cash collections in January from December credit sales would be Prit sale and the remainder is collected r, the following Multiple Choice $38.280 $54 000

Explanation / Answer

Collection of credit sales in the following month=(100-42)=58%

Hence cash collections=(58%*December credit sales)

which is equal to

=(0.58*66000)=$38280

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