Five Friends Relocation Company prepared the following sales budget: Cash Sales Credit Sales $16,000 $12,000 $38,000 $11,000 $43,000 $42,000 $55,000 $52,000 Month March April May June Credit collections are 32% in the month of sale, 40% in the month following the sale, and 20% two months following the sale. The remaining 8% is expected to be uncollectible. What is the total cash received in April to account for the April sales at Five Friends Relocation Company? OA. $41,840 OB. $3,520 OC. $3,840 D. $41,520 CITE

Five Friends Relocation Company prepared the following sales budget: Cash Sales Credit Sales $16,000 $12,000 $38,000 $11,000 $43,000 $42,000 $55,000 $52,000 Month March April May June Credit collections are 32% in the month of sale, 40% in the month following the sale, and 20% two months following the sale. The remaining 8% is expected to be uncollectible. What is the total cash received in April to account for the April sales at Five Friends Relocation Company? OA. $41,840 OB. $3,520 OC. $3,840 D. $41,520 CITE

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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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…