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Question 22 nts -/1 View Policies Current Attempt in Progress ns Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the months of June through October are: upport July June September October August $310,000 $330,000 $300,000 $280,000 Budgeted sales $260,000 Budgeted purchases $144,000 $120,000 $128,000 $132,000 $90,000 Customer amounts on account are collected 60% in the month of sale and 40% in the following month. . Cost of goods sold is 45% of sales. . Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month. How much cash is budgeted to be received during August? O $291,000. O $312,000. O $180,000. O $318,000. 8:5 11/2 bp nr ins prt sc delete home & Aock edsypea K ter r P CO

Question 22 nts -/1 View Policies Current Attempt in Progress ns Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the months of June through October are: upport July June September October August $310,000 $330,000 $300,000 $280,000 Budgeted sales $260,000 Budgeted purchases $144,000 $120,000 $128,000 $132,000 $90,000 Customer amounts on account are collected 60% in the month of sale and 40% in the following month. . Cost of goods sold is 45% of sales. . Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month. How much cash is budgeted to be received during August? O $291,000. O $312,000. O $180,000. O $318,000. 8:5 11/2 bp nr ins prt sc delete home & Aock edsypea K ter r P CO

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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Question 22 nts -/1 View Policies Current Attempt in Progress ns Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the months of June through October are: upport July June September October August $310,000 $330,000 $300,000 $280,000 Budgeted sales $260,000 Budgeted purchases $144,000 $120,000 $128,000 $132,000 $90,000 Customer amounts on account are collected 60% in the month of sale and 40% in the following month. . Cost of goods sold is 45% of sales. . Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month. How much cash is budgeted to be received during August? O $291,000. O $312,000. O $180,000. O $318,000. 8:5 11/2 bp nr ins prt sc delete home & Aock edsypea K ter r P CO
Transcribed Image Text:Question 22 nts -/1 View Policies Current Attempt in Progress ns Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the months of June through October are: upport July June September October August $310,000 $330,000 $300,000 $280,000 Budgeted sales $260,000 Budgeted purchases $144,000 $120,000 $128,000 $132,000 $90,000 Customer amounts on account are collected 60% in the month of sale and 40% in the following month. . Cost of goods sold is 45% of sales. . Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month. How much cash is budgeted to be received during August? O $291,000. O $312,000. O $180,000. O $318,000. 8:5 11/2 bp nr ins prt sc delete home & Aock edsypea K ter r P CO
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