Question No 22:
A company commenced business on 1 August. Total sales revenue in August was $200,000 and is expected to increase at a rate of 2% per month. Credit sales represent 60% of total sales revenue and the remaining 40% is cash sales. The credit period allowed is one month. Bad debts are expected to be 3% of credit sales but the remaining credit sales customers are expected to pay on time.The estimated receipts in September from cash and credit sales are:
A. $195,552
B. $196,400
C. $198,000
D. $201,600
Answer: C
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