Ask Question
BusinessBusiness
19 September, 21:58

Faucet Company reported the following information for 2008: October November December Budgeted sales $620,000 $580,000 $720,000 All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. How much cash will Faucet receive in November

+2
Answers (1)
  1. 19 September, 22:09
    0
    Cash receipt for the month of November is $600000

    Explanation:

    The receipt of the cash will be such that the sales made in a particular month will be calculated half in the month of sale and half in the next month. Thus, the cash receipt from the accounts receivables for the month of November will be,

    Cash received from the October sales = 620000 * 0.5 = $310000

    Cash received from the November sales = 580000 * 0.5 = $290000

    Total cash receipt in the month of November will be,

    Cash receipt - November = 310000 + 290000

    Cash receipt - November = $600000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Faucet Company reported the following information for 2008: October November December Budgeted sales $620,000 $580,000 $720,000 All sales ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Joanie recognizes that the board and CEO are particularly worried that individuals will post negative information about the company on company-sponsored social media sites.
Answers (1)
Name the four components of media measurement
Answers (1)
Which is not a tool that people use when participating in discussions?
Answers (1)
Cree markets LED (light-emitting diode) bulbs that replace the traditional incandescent bulb. A CreeLED bulb consumes 85 percent less energy and lasts for 25,000 hours. Cree is an example of a. a cooperative. b. an industry. c.
Answers (1)
What is the population of the world
Answers (1)
New Questions in Business
Hornberger, Inc. recently paid a dividend of $2.00 per share. The next dividend is expected to be $2.05 per share. Hornberger has a return on equity of 11.00%. What percentage of its earnings does Hornberger plow back into the firm?
Answers (1)
A tip of $10 is best for which kind of service? A. a mover who delivers furniture to your new home B. a valet who parks your car at a restaurant C. a waiter at a fast-food restaurant
Answers (2)
Sunland Company manufactures and sells high-priced motorcycles. The Engine Division produces and sells engines to other motorcycle companies and internally to the Production Division.
Answers (1)
Adamson Company manufactures four lines of garden tools. As a result of an activity analysis, the accounting department has identified eight activity cost pools.
Answers (1)
Compute the 2019 Federal income tax liability and the marginal and effective tax rates in each of the following independent cases. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar.
Answers (1)
Home » Business » Faucet Company reported the following information for 2008: October November December Budgeted sales $620,000 $580,000 $720,000 All sales are on credit.
Sign Up Forgot Password?