Sirignano Corporation produces and sells one product. The budgeted selling price per unit is $84....
Question:
Sirignano Corporation produces and sells one product. The budgeted selling price per unit is $84. Budgeted unit sales for October, November, December, and January are 8,400, 12,000, 13,800, and 14,300 units, respectively. All sales are on credit with 40% collected in the month of the sale and 60% in the following month.
The expected cash collections for November is closest to:
A) $826,560
B) $705,600
C) $423,360
D) $403,200
Cash Collections:
These are cash receipts collected from the payment of customers from the sales on account or credit sales during the period. They will be used later on to settle the company's obligations and expenses incurred for the operations of business with a purpose of earning a profit.
Answer and Explanation: 1
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View this answerThe correct answer is A) $826,560
| October | November | |
|---|---|---|
| Budgeted Sales | ||
| Oct: 8,400 x $84 | $705,60... |
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Control of Cash Receipts & Disbursements
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