Four of Wands, LLC generated $255,000 in sales during September 2020. Of this amount, 25%...
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Four of Wands, LLC generated $255,000 in sales during September 2020. Of this amount, 25% was for cash. The remaining 75% of sales were made on account. The company budgeted $350,000 in sales for October 2020 and expects sales in November 2020 to be 10% higher than October's sales. 20% of the total budgeted sales are for cash; the remaining budgeted sales are expected to be made on account Historically, 70% of sales on account are collected in the month of sale. 25% of sales on account are collected in the first month following the month of sale. 4% of sales on account are collected in the second month following the month of sale. The remaining 1% is deemed uncollectible. Given the above information, calculate the total expected cash receipts in November. O A. $371,650 B. $370,250 C. $317,050 D. $320,200 O E. $293,250
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