From the Following Data Calculate the Estimated Cash Received from Total

question 20

Multiple Choice

From the following data calculate the estimated cash received from total sales for December.
Total sales for October,$10 000;
November,$15 000;
December,$14 000
Credit sales are normally settled in the pattern,30% for cash,40% in the month of sale,30% in the month following the sale,and the balance in the second month following the sale.

• A)$14 000
• B)$11 400
• C)$13 800
• D)$10 500

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Definitions:

Real Property

Land and anything permanently attached to it, such as buildings and other structures, which is distinct from personal property.

Fee Estate

An interest in land that grants the holder full ownership rights, potentially lasting indefinitely.

Life Estate

A property interest that lasts for the lifetime of a specific individual, after which the property passes to another designated party.

Conveyed

Transferred or passed on ownership, rights, or properties from one person to another.