Dove Corporation Began Its Operations on September 1 of the Current

question 120

Multiple Choice

Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $320,000, and $410,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 30% in the month following the sale. The cash collections in October are:

• A) $320,000
• B) $248,000
• C) $304,250
• D) $382,500

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Definitions:

Office

A room or set of rooms used for work, especially clerical or professional work, often within a larger organization or business structure.

Macon's Bill No. 2

A law enacted by the United States Congress in 1810, aiming to motivate Great Britain and France to stop their restrictions against U.S. shipping during the Napoleonic Wars by offering to resume trade with whichever nation lifted its restrictions first.

Barbary States

Historical term referring to the North African countries along the Mediterranean Sea, known for piracy and slave trade, particularly during the 16th to 19th centuries.