Use the Information Below to Answer the Following Question(s)

question 137

Multiple Choice

Use the information below to answer the following question(s) .
Copper Corporation has the following sales budget for the last six months of 2016:
Historically,the cash collection of sales has been as follows:
65 percent of sales collected in month of sale,
25 percent of sales collected in month following sale,
8 percent of sales collected in second month following sale,and
2 percent of sales is uncollectable.
-What is the ending balance of accounts receivable at the end of September assuming uncollectible balance is written off in the third month after the sale?

• A)$199,000
• B)$97,000
• C)$89,800
• D)$93,000
• E)$88,000

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Definitions:

British Pound

The United Kingdom's currency, a major global currency involved in international trading.

U.S. Dollar

The official currency of the United States, widely used as a benchmark in international trade and finance.

Japanese Yen

The official currency of Japan, often denoted by the symbol ¥, and widely used in international finance transactions.