Miller Company expects its November sales to be 25% 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 $70,000 in October and are expected to be $100,000 in November. Purchases are paid 20% in the month of purchase and 80% in the following month. The cash balance on November 1 is $13,800. The cash balance on November 30 will be OA $86,575 OB. $114,175 OC. $190,175 OD. $100,375

Miller Company expects its November sales to be 25% 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 $70,000 in October and are expected to be $100,000 in November. Purchases are paid 20% in the month of purchase and 80% in the following month. The cash balance on November 1 is $13,800. The cash balance on November 30 will be OA $86,575 OB. $114,175 OC. $190,175 OD. $100,375

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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