The Gardner Company Expects Sales for October of $248,000

question 36

Multiple Choice

The Gardner Company expects sales for October of $248,000.Experience suggests that 45% of sales are for cash and 55% are on credit.The company collects 50% of its credit sales in the month of sale and 50% in the month following sale.Budgeted Accounts Receivable on September 30 is $67,000.What is the amount of Accounted Receivables on the October 31 budgeted balance sheet?

• A)$111,600.
• B)$124,000.
• C)$67,000.
• D)$68,200.
• E)$136,400.

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Definitions:

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Non-violent crime committed by individuals or corporations in the course of their professional lives, often involving financial wrongdoing or fraud.

Antitrust Laws

Legislation aimed at preventing anti-competitive practices in the marketplace.

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Private law governs the relationships between private individuals or institutions, dealing with matters like contracts, property, and family issues.

Common Law

A legal system based on custom and court rulings, as opposed to written laws enacted by a legislature.