Ningbo Shipping Has Projected Sales in May, June, and July

question 29

Multiple Choice

Ningbo shipping has projected sales in May, June, and July of $500, $600, and $700, respectively. It makes 20 percent of sales for cash and collects the balance one month following the sale. Ningbo Shipping's total cash receipts in July are

• A) $620
• B) $520
• C) $680
• D) $1,100

---

Definitions:

Bundle of Rights

The various rights an individual has with respect to owning property, including the right to use, sell, lease, and enjoy the property.

Life Estates

A legal arrangement where an individual is granted the rights to live in or use a property for the duration of their lifetime, after which the property reverts to another designated party.

Ownership

The legal right or title to possess and use property, goods, or intellectual assets, often associated with certain responsibilities and benefits.

Land

A portion of the earth's surface that is considered property and can include buildings and natural resources.