Leak Company Sells Only on Credit Customer Amounts on Account Are Collected 45% in the Month

question 54

Multiple Choice

Leak Company sells only on credit.It reported the following information for 2016: $$\begin{array} { l l l l l } & \underline { \text { September } } & \underline { \text { October } } & \underline { \text { November } } & \underline { \text { December } } \\\text { Budgeted sales } &\$900,000&\$800,000&\$850,000&\$960,000\end{array}$$ Customer amounts on account are collected 45% in the month of sale and 55% in the following month.How much is the November 30, 2016 budgeted Accounts Receivable?

• A)$467,500
• B)$382,500
• C)$827,500
• D)$528,000

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Hours

Units of time equivalent to 60 minutes, commonly used to measure the duration of events or work periods.