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

question 27

Multiple Choice

Use the information below to answer the following question(s) .
Samson Company prepared the following purchases budget:
All purchases are paid for as follows: 20% in the month of purchase, 60% in the following month, and 20% two months after purchase.
-Atwood Lake Boats has budgeted sales for June and July at $420,000 and $480,000, respectively. Sales are 80% credit, of which 40% is collected in the month of sale and 60% is collected in the following month. What is the accounts receivable balance on July 31?

• A) $201,600
• B) $230,400
• C) $384,000
• D) $288,000

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Definitions:

Risk/Benefit Ratio

An evaluation of the potential risks compared to the potential benefits of an action or intervention, often used in ethical decision making for research.

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