Nuthatch Corporation Began Its Operations on September 1 of the Current

question 161

Multiple Choice

Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $260,000, $375,000, and $400,000, respectively, for September, October, and November. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale. The cash collections in November from accounts receivable are:

• A) $280,000
• B) $316,400
• C) $295,200
• D) $276,500

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