[The Following Information Applies to the Questions Displayed Below

question 58

Multiple Choice

[The following information applies to the questions displayed below.]
Ross Corporation makes all sales on account.The June 30th balance sheet balance in its accounts receivable is $400,000,of which $240,000 pertain to sales that were made during June.Budgeted sales for July are $1,250,000.Ross collects 70% of sales in the month of sale;20% in the following month;and the final 10% in the second month after the sale.
-What are Ross's budgeted collections for July?

• A)$1,275,000
• B)$939,000
• C)$1,195,000
• D)$915,000

Understand the importance and application of Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS).

Comprehend the legal implications of professional actions and the concept of liability in the contexts of accounting, medical, and legal professions.

Recognize the role and impact of regulatory bodies such as the Public Company Accounting Oversight Board and the SEC in overseeing professional conduct.

Identify the conditions under which a third party might have a claim against a professional for negligence or malpractice.

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Definitions:

Electronic Media

Platforms or channels that use electronics or digital technology to broadcast or distribute content.

Deforestation

The action of clearing forested land often resulting in loss of biodiversity and disruption of ecosystems.

Pro-and-Con

A decision-making method that involves listing the advantages and disadvantages of a decision to weigh its viability.

Online Surveying

Online surveying is the practice of conducting surveys over the internet using digital tools and platforms to collect data, opinions, or feedback from respondents.