Gallonte Inc

question 83

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 the quarter?

• A) $121,000.
• B) $140,000.
• C) $153,000.
• D) $175,000.
• E) None of the answers is correct.

---

Definitions:

Business Investments

The allocation of resources by businesses into projects or assets with the expectation of generating future profits.

Loanable Funds

This is the money available for borrowing in the financial markets, influenced by interest rates.

Technological Breakthroughs

Significant progression or development in technology that creates a new foundation for further advancements and innovation.

Investment Projects

Initiatives or plans undertaken to allocate resources, expecting to generate returns or benefits over time.