ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Calculate the Profit Margin for a company with Net Income
of $235 and Sales of $1,645.
a. 13.25%
b. 14.29%
c. 14.85%
d. 15.12%
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Riverstone Publishers Inc. collects 80% of its sales on account in the month of the sale and 20% in the month following the sale. If sales on account are budgeted to be $450,000 for June and $380,000 for July, what are the budgeted cash receipts from sales on account for July?
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