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Miler Company expects its November sales to be 15% higher than its October sales of $170,000. All sales are on credit and are collected as follows: 35% in the month of the sale and 60% in the following month. Purchases were $150,000 in October and are expected to be $100,000 in November. Purchases are paid 35% in the month of purchase and 65% in the following month. The cash balance on November 1 is $13,300. The cash balance on November 30 will be OA $24.625 OB. $37.925 OC. $183,725 OD. $51.225 CETT

Miler Company expects its November sales to be 15% higher than its October sales of $170,000. All sales are on credit and are collected as follows: 35% in the month of the sale and 60% in the following month. Purchases were $150,000 in October and are expected to be $100,000 in November. Purchases are paid 35% in the month of purchase and 65% in the following month. The cash balance on November 1 is $13,300. The cash balance on November 30 will be OA $24.625 OB. $37.925 OC. $183,725 OD. $51.225 CETT

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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Miller Company expects its November sales to be 15% higher than its October sales of $170,000. All sales are on credit and are collected as follows: 35% in the month of the sale and 60% in the following month. Purchases were $150,000 in October and are expected to be $100,000 in November. Purchases are paid 35% in the month of purchase and 65% in the following month. The cash balance on November 1 is $13,300. The cash balance on November 30 will be OA $24,625 OB. $37,925 OC. $183,725 OD. $51,225
Transcribed Image Text:Miller Company expects its November sales to be 15% higher than its October sales of $170,000. All sales are on credit and are collected as follows: 35% in the month of the sale and 60% in the following month. Purchases were $150,000 in October and are expected to be $100,000 in November. Purchases are paid 35% in the month of purchase and 65% in the following month. The cash balance on November 1 is $13,300. The cash balance on November 30 will be OA $24,625 OB. $37,925 OC. $183,725 OD. $51,225
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