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Hometown Lumber Company has the following expected sales in dollars from its...

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Question

Accounting

Hometown Lumber Company has the following expected sales in dollars from its Sales Budget for the year ended December 31,20X1:
Q1- $110,000 Q2- $116,800 Q3-$79,400 Q4- $335,300
Expected sales are 25% cash, 75% credit. For credit sales, 40% are collected in the quarter of the sale, 60% are collected in the following quarter. The Accounts Receivable balance at the beginning of Q120X1 is $80,000. The total amount of cash expected to be collected in quarter-1 is:
Question 19Answer
a.
$139,550
b.
$105,395
c.
$80,000
d.
$140,500

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