Leaverton's Forecast of Sales Is as Follows: July, $60,000; August

question 51

Multiple Choice

Leaverton's forecast of sales is as follows: July, $60,000; August, $90,000; September, $130,000. Sales are normally 80 percent cash and 20 percent credit in any month. Credit sales are collected in full in the following month. Merchandise cost averages 60 percent of sales price. The company desires an inventory as of September 30 of $52,000. The inventory as of June 30 was $25,000. The July 31 balance of accounts receivable will be

• A) $12,000.
• B) $48,000.
• C) $18,000.
• D) $0.

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Definitions:

Minority Ethnic Group

A category of people who are distinguished by physical or cultural traits, who are fewer in number compared to the majority population in a society.

Parasuicide

Any potentially lethal action against the self that does not result in death. Also called attempted suicide or failed suicide.

Shoplifting

The act of stealthily taking goods from a store without paying for them, often considered a form of petty theft.

Stubbornness

A personality trait characterized by an unwillingness to change one’s opinion or course of action despite reason to do so.