## (Answered)-Berkley Co.'s sales are 10% for cash and 90% on credit. Credit

Berkley Co.'s sales are 10% for cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the next month, and 20% in the following month. On December 31, the accounts receivable balance includes \$15,000 from November sales and \$45,000 from December sales.

14. Assume that total sales for January are budgeted to be \$65,000. What are the expected cash receipts for January from the current and past sales?

A. \$28,500 B. \$71,193 C. \$71,900 D. \$65,500 E. \$80,500

15. Assume that total sales for January and February are budgeted to be \$65,000 and \$125,000, respectively. What are the expected cash receipts for February from current and past sales?

A. \$87,500 B. \$91,500 C. \$54,500 D. \$88,357 E. \$89,500

Solution details:
STATUS
QUALITY
Approved

This question was answered on: Oct 07, 2020

Solution~0002150657.zip (25.37 KB)

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy (Deadline assured. Flexible pricing. TurnItIn Report provided)

STATUS

QUALITY

Approved

Oct 07, 2020

EXPERT

Tutor