Gallonte Inc

question 52

Multiple Choice

Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale.
- If sales for April, May, and June were $60,000, $80,000, and $70,000, respectively, what were the firm's budgeted collections for June?

• A) $21,000.
• B) $60,000.
• C) $69,000.
• D) $75,000.
• E) None of the answers is correct.

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Definitions:

Self-Perception Errors

Mistakes made when individuals evaluate their own behavior and qualities, often leading to inaccuracies in self-assessment.

Overjustification Effect

A phenomenon where providing excessive external rewards for an already internally rewarding activity can lead to a reduction in intrinsic motivation.

Cognitive Process

The mental actions or operations involved in acquiring knowledge and understanding through thought, experience, and the senses.

Academic Successes

Achievements attained in educational settings, often measured by grades, awards, or degree completion.