Home Corporation Will Open a New Store on January 1

question 101

Multiple Choice

Home Corporation will open a new store on January 1. Based on experience from its other retail outlets, Home Corporation is making the following sales projections:

Home Corporation estimates that 70% of the credit sales will be collected in the month following the month of sale, with the balance collected in the second month following the month of sale.
-Based on these data, the balance in accounts receivable on January 31 will be:

• A)$40,000
• B)$28,000
• C)$12,000
• D)$58,000

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