2:26:05 Memphis Company anticipates total sales for April, May, and June of $970,000, $1,070,000, and $1,120,000 respectively. Cash sales are normally 20 total sales. Of the credit sales, 40% are collected in the same month as the sale, 55% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales during the month of June. Multiple Choice O $829,200. $983,200. $1,053,200. $769,200. $730,400.

2:26:05 Memphis Company anticipates total sales for April, May, and June of $970,000, $1,070,000, and $1,120,000 respectively. Cash sales are normally 20 total sales. Of the credit sales, 40% are collected in the same month as the sale, 55% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales during the month of June. Multiple Choice O $829,200. $983,200. $1,053,200. $769,200. $730,400.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following trial balance extracts (i.e. it is not a complete trial balance) relate to Adongo as at 30 June 2015: GHC’000 GHC’000 Revenue (note (i) 113,500 cost of sales 88,500 esearch and development costs (note (ii)) 7,800 Distribution costs 3,600 Administrative expenses (note (iv)) 6,800 Loan note interest and dividends paid (notes (iv) and (vii)) 5,000 Investment income 300 Equity shares of GHC1 each (note (vii))…
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