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Jent Company reported the following information for 2019: November $340.000 $128,000 Budgeted sales Budgeted purchases ● October $320,000 $120,000 All sales are on credit. ● Customer amounts on account are collected 40% in the month of sale and 60% in the following month. December $360,000 $144,000 Instructions Compute the amount of cash lent will receive during November

Jent Company reported the following information for 2019: November $340.000 $128,000 Budgeted sales Budgeted purchases ● October $320,000 $120,000 All sales are on credit. ● Customer amounts on account are collected 40% in the month of sale and 60% in the following month. December $360,000 $144,000 Instructions Compute the amount of cash lent will receive during November

FINANCIAL ACCOUNTING
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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Jent Company reported the following information for 2019: November $340.000 $128,000 ● ● Budgeted sales Budgeted purchases October $320,000 $120,000 December $360,000 $144,000 All sales are on credit. Customer amounts on account are collected 40% in the month of sale and 60% in the following month. Instructions Compute the amount of cash Jent will receive during November.
Transcribed Image Text:Jent Company reported the following information for 2019: November $340.000 $128,000 ● ● Budgeted sales Budgeted purchases October $320,000 $120,000 December $360,000 $144,000 All sales are on credit. Customer amounts on account are collected 40% in the month of sale and 60% in the following month. Instructions Compute the amount of cash Jent will receive during November.
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