The Task Company Is to Begin Operations in April

question 69

Multiple Choice

The Task Company is to begin operations in April.It has budgeted April sales of $30,000,May sales of $34,000,June sales of $40,000,July sales of $42,000,and August sales of $38,000.Note that 10% of each month's sales will represent cash sales;75% of the balance will be collected in the month following the sale,17% the second month,6% the third month,and the balance is bad debts.What is the amount of cash to be collected in the month of July?

• A)$34,022.
• B)$38,022.
• C)$42,000.
• D)$37,580.

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Definitions:

Social-Contract Theorist

A philosopher who argues that the legitimacy of authority arises from an implicit agreement between the governed and the government.

Civil Disobedience

The act of deliberately refusing to comply with certain laws or demands of a government, as a form of peaceful protest.

Hobbes

An English philosopher best known for his political philosophy, especially regarding the structure of society and legitimate government authority.

Locke

John Locke was an English philosopher and physician regarded as one of the most influential of Enlightenment thinkers, known for his contributions to political theory and epistemology.