Assume the Task Company Charges 1 1/2% on Any Balance

question 39

Multiple Choice

Assume the Task Company charges 1 1/2% on any balance that is not collected in the month following the month of sale.This charge will also change the collection percentages to 15% cash sales,80% of the balance collected in the month following the sale,16% the second month,3% the third month.This stricter credit policy will reduce the estimated sales budgets by 7% each month.What is the amount of cash to be collected in July?

• A)$39,199
• B)$35,312
• C)$38,193
• D)$36,242

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Definitions:

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