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

question 115

Multiple Choice

Ningbo shipping has projected sales in May, June, and July of $100, $200, and $300, 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) $220
• B) $200
• C) $180
• D) $100

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